Wells Fargo & Company (NYSE:WFC) Downgraded by Jefferies Financial Group

Wells Fargo & Company (NYSE:WFC) was downgraded by equities researchers at Jefferies Financial Group to a “hold” rating in a research report issued to clients and investors on Friday. They currently have a $59.00 target price on the financial services provider’s stock, down from their prior target price of $62.00. Jefferies Financial Group’s price objective would suggest a potential upside of 7.10% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the stock. Evercore ISI reaffirmed an “outperform” rating and issued a $67.00 target price (down from $70.00) on shares of Wells Fargo & Company in a research note on Monday, July 15th. JPMorgan Chase & Co. increased their price target on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Morgan Stanley raised their price target on Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. BMO Capital Markets upped their target price on Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a report on Thursday, July 11th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a research note on Monday, July 15th. Thirteen investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $59.63.

Wells Fargo & Company Stock Up 1.0 %

NYSE:WFC traded up $0.52 during trading hours on Friday, hitting $55.09. 4,633,646 shares of the company traded hands, compared to its average volume of 18,033,748. The firm’s 50-day simple moving average is $57.74 and its 200-day simple moving average is $57.09. The company has a market cap of $192.06 billion, a PE ratio of 11.31, a PEG ratio of 1.40 and a beta of 1.17. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. Wells Fargo & Company has a one year low of $38.38 and a one year high of $62.55.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.04. The business had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $20.29 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The business’s revenue for the quarter was up .8% on a year-over-year basis. During the same period last year, the business posted $1.25 earnings per share. Equities analysts predict that Wells Fargo & Company will post 5.14 earnings per share for the current year.

Hedge Funds Weigh In On Wells Fargo & Company

Several large investors have recently modified their holdings of WFC. Quarry LP purchased a new position in Wells Fargo & Company during the second quarter worth $105,000. William B. Walkup & Associates Inc. bought a new stake in shares of Wells Fargo & Company in the 2nd quarter worth about $1,070,000. Front Row Advisors LLC boosted its stake in shares of Wells Fargo & Company by 3.0% during the 2nd quarter. Front Row Advisors LLC now owns 6,725 shares of the financial services provider’s stock worth $399,000 after purchasing an additional 196 shares during the period. Coastal Bridge Advisors LLC grew its holdings in Wells Fargo & Company by 142.8% during the 2nd quarter. Coastal Bridge Advisors LLC now owns 10,552 shares of the financial services provider’s stock valued at $627,000 after purchasing an additional 35,200 shares during the last quarter. Finally, Silver Lake Advisory LLC purchased a new stake in Wells Fargo & Company in the 2nd quarter worth about $487,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.