Wells Fargo & Company (NYSE:WFC) received a $57.00 price target from equities researchers at UBS AG in a research note issued to investors on Friday, October 6th, www.benzinga.com reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. UBS AG’s price target would indicate a potential upside of 6.72% from the stock’s current price.
Several other brokerages have also issued reports on WFC. Deutsche Bank AG restated a “buy” rating on shares of Wells Fargo & in a research report on Monday, July 3rd. Zacks Investment Research upgraded Wells Fargo & from a “sell” rating to a “hold” rating in a report on Monday, July 10th. Buckingham Research reiterated a “neutral” rating and issued a $62.00 price target (up previously from $60.00) on shares of Wells Fargo & in a report on Monday, July 10th. Keefe, Bruyette & Woods reiterated an “overweight” rating on shares of Wells Fargo & in a report on Thursday, July 13th. Finally, Instinet restated a “buy” rating and set a $65.00 target price (up previously from $64.00) on shares of Wells Fargo & in a report on Saturday, September 30th. Six analysts have rated the stock with a sell rating, sixteen have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $57.14.
Shares of Wells Fargo & (NYSE WFC) opened at 53.41 on Friday. The stock’s 50 day moving average price is $53.19 and its 200-day moving average price is $53.50. Wells Fargo & has a 52 week low of $44.32 and a 52 week high of $59.99. The firm has a market capitalization of $263.20 billion, a price-to-earnings ratio of 13.80 and a beta of 0.97.
Wells Fargo & (NYSE:WFC) last issued its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.84 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.20). Wells Fargo & had a return on equity of 12.59% and a net margin of 22.00%. The company had revenue of $21.93 billion for the quarter, compared to the consensus estimate of $22.30 billion. During the same period in the previous year, the firm earned $1.03 earnings per share. The company’s revenue was down 1.8% compared to the same quarter last year. Equities analysts predict that Wells Fargo & will post $3.98 earnings per share for the current year.
Wells Fargo & declared that its board has approved a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
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A number of hedge funds and other institutional investors have recently bought and sold shares of the business. McQueen Ball & Associates Inc. acquired a new position in Wells Fargo & in the third quarter valued at $218,000. Curbstone Financial Management Corp increased its stake in shares of Wells Fargo & by 100.5% during the third quarter. Curbstone Financial Management Corp now owns 36,536 shares of the financial services provider’s stock worth $2,015,000 after acquiring an additional 18,318 shares during the period. Perpetual Ltd increased its stake in shares of Wells Fargo & by 25.8% during the second quarter. Perpetual Ltd now owns 1,241,098 shares of the financial services provider’s stock worth $68,769,000 after acquiring an additional 254,195 shares during the period. Bogart Wealth LLC increased its stake in shares of Wells Fargo & by 22.3% during the second quarter. Bogart Wealth LLC now owns 13,120 shares of the financial services provider’s stock worth $727,000 after acquiring an additional 2,388 shares during the period. Finally, Intl Fcstone Inc. acquired a new position in shares of Wells Fargo & during the second quarter worth about $2,497,000. Institutional investors own 75.09% of the company’s stock.
Wells Fargo & Company Profile
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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