Wells Fargo Rating Lowered By Vetr Inc
MarketBeat.com | Sep 21, 2016 03:42AM ET
Wells Fargo & Company (NYSE:WFC). (NYSE:WFC) was downgraded by investment analysts at MarketBeat.com reports. They presently have a $47.68 target price on the financial services provider's stock. Vetr's price objective would indicate a potential upside of 2.41% from the stock's previous close.
Several other equities research analysts have also recently weighed in on the company. Royal Bank Of Canada reduced their price objective on Wells Fargo & Co. from $57.00 to $54.00 and set an "outperform" rating for the company in a research report on Monday, July 18th. Evercore ISI reissued a "buy" rating and issued a $53.00 price objective on shares of Wells Fargo & Co. in a research report on Monday, July 18th. Barclays (LON:BARC) PLC reduced their price objective on Wells Fargo & Co. from $61.00 to $58.00 and set an "overweight" rating for the company in a research report on Thursday, September 15th.
Bank of America Corp (NYSE:BAC). reissued a "buy" rating and issued a $55.00 price objective on shares of Wells Fargo & Co. in a research report on Monday, July 18th. Finally, Zacks Investment Research raised Wells Fargo & Co. from a "sell" rating to a "hold" rating in a research report on Monday, September 5th. Seven analysts have rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the stock. The stock presently has an average rating of "Hold" and an average target price of $52.26.
Shares of Wells Fargo & Co. (NYSE:WFC) opened at 46.56 on Wednesday, MarketBeat.com reports. The firm's 50-day moving average is $48.44 and its 200 day moving average is $48.63. Wells Fargo & Co. has a 1-year low of $44.50 and a 1-year high of $56.34. The company has a market cap of $234.92 billion, a price-to-earnings ratio of 11.50 and a beta of 0.90.
Wells Fargo & Co. (NYSE:WFC) last announced its earnings results on Friday, July 15th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.01. The firm earned $22.20 billion during the quarter. Wells Fargo & Co. had a return on equity of 12.95% and a net margin of 24.33%.
The firm's revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.03 EPS. Equities analysts expect that Wells Fargo & Co. will post $4.02 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 5th were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date of this dividend was Wednesday, August 3rd. Wells Fargo & Co.'s dividend payout ratio is presently 37.25%.
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In related news, COO Timothy J. Sloan sold 20,500 shares of Wells Fargo & Co. stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $48.92, for a total value of $1,002,860.00.
Following the sale, the chief operating officer now owns 650,815 shares of the company's stock, valued at approximately $31,837,869.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link . 0.29% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. Carnick & Kubik Group LLC purchased a new stake in shares of Wells Fargo & Co. during the second quarter worth about $1,032,000. Williams Jones & Associates LLC raised its stake in shares of Wells Fargo & Co. by 19.5% in the second quarter. Williams Jones & Associates LLC now owns 142,310 shares of the financial services provider's stock worth $6,736,000 after buying an additional 23,267 shares in the last quarter.
Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Wells Fargo & Co. during the second quarter worth about $8,829,000. Kentucky Retirement Systems purchased a new stake in shares of Wells Fargo & Co. during the second quarter worth about $18,595,000.
Finally, Mason Street Advisors LLC purchased a new stake in shares of Wells Fargo & Co. during the second quarter worth about $29,454,000. 74.01% of the stock is currently owned by institutional investors and hedge funds.
Wells Fargo & Co. Company Profile
Wells Fargo & Company (NYSE:WFC) is a bank holding company. The Company is a financial services company, which offers banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.
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