Trading Report: The Wells Fargo & Co. (WFC) Rating Reiterated by Barclays PLC

The Wells Fargo & Co. (WFC) Rating Reiterated by Barclays PLC

Wells Fargo & Co. (NYSE:WFC)‘s stock had its “overweight” rating restated by analysts at Barclays PLC in a research note issued to investors on Wednesday. They presently have a $58.00 target price on the financial services provider’s stock. Barclays PLC’s target price indicates a potential upside of 27.98% from the stock’s previous close.

A number of other brokerages have also issued reports on WFC. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Wells Fargo & Co. in a report on Wednesday, August 31st. Vetr downgraded Wells Fargo & Co. from a “hold” rating to a “sell” rating and set a $46.32 target price for the company. in a research report on Tuesday, August 30th. Zacks Investment Research upgraded Wells Fargo & Co. from a “sell” rating to a “hold” rating in a research report on Monday, September 5th. Sandler O’Neill reiterated a “hold” rating on shares of Wells Fargo & Co. in a research report on Friday, September 9th. Finally, Rafferty Capital Markets downgraded Wells Fargo & Co. from a “hold” rating to a “sell” rating and set a $44.00 target price for the company. in a research report on Friday, September 9th. Seven analysts have rated the stock with a sell rating, seven have assigned a hold rating and nineteen have given a buy rating to the stock. Wells Fargo & Co. presently has a consensus rating of “Hold” and an average price target of $50.41.

Shares of Wells Fargo & Co. (NYSE:WFC) traded down 0.29% on Wednesday, reaching $45.32. 21,780,463 shares of the company’s stock were exchanged. The company’s 50 day moving average is $46.94 and its 200-day moving average is $48.11. The stock has a market cap of $228.66 billion, a price-to-earnings ratio of 11.19 and a beta of 0.91. Wells Fargo & Co. has a one year low of $43.55 and a one year high of $56.34.

Wells Fargo & Co. (NYSE:WFC) last announced its quarterly earnings data on Friday, July 15th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.01. Wells Fargo & Co. had a net margin of 24.33% and a return on equity of 12.95%. The business earned $22.20 billion during the quarter. During the same period last year, the business earned $1.03 earnings per share. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. On average, analysts anticipate that Wells Fargo & Co. will post $4.02 EPS for the current year.

In other Wells Fargo & Co. news, COO Timothy J. Sloan sold 20,500 shares of the business’s 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 completion of the transaction, the chief operating officer now directly owns 650,815 shares of the company’s stock, valued at $31,837,869.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Wells Fargo & Co. by 2.2% in the second quarter. Vanguard Group Inc. now owns 288,028,042 shares of the financial services provider’s stock worth $13,632,368,000 after buying an additional 6,247,583 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Wells Fargo & Co. by 2.7% in the first quarter. Wellington Management Group LLP now owns 131,270,916 shares of the financial services provider’s stock worth $6,348,262,000 after buying an additional 3,450,553 shares during the last quarter. BlackRock Fund Advisors increased its position in shares of Wells Fargo & Co. by 8.8% in the first quarter. BlackRock Fund Advisors now owns 57,985,130 shares of the financial services provider’s stock worth $2,804,161,000 after buying an additional 4,695,036 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Wells Fargo & Co. by 1.3% in the first quarter. Geode Capital Management LLC now owns 39,052,057 shares of the financial services provider’s stock worth $1,884,841,000 after buying an additional 502,040 shares during the last quarter. Finally, TIAA CREF Investment Management LLC increased its position in shares of Wells Fargo & Co. by 2.8% in the second quarter. TIAA CREF Investment Management LLC now owns 29,781,903 shares of the financial services provider’s stock worth $1,409,577,000 after buying an additional 810,161 shares during the last quarter. 73.98% of the stock is owned by institutional investors.

About Wells Fargo & Co.

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