Today: The Wells Fargo & Co. (WFC) Earns Buy Rating from Evercore ISI

The Wells Fargo & Co. (WFC) Earns Buy Rating from Evercore ISI

Evercore ISI restated their buy rating on shares of Wells Fargo & Co. (NYSE:WFC) in a research note published on Thursday. They currently have a $51.00 price objective on the financial services provider’s stock.

Several other research firms have also issued reports on WFC. Atlantic Securities lowered shares of Wells Fargo & Co. from a neutral rating to an underweight rating and lowered their target price for the stock from $46.15 to $44.00 in a report on Friday, September 16th. Rafferty Capital Markets lowered shares of Wells Fargo & Co. from a hold rating to a sell rating and set a $44.00 target price for the company. in a report on Friday, September 9th. Zacks Investment Research upgraded shares of Wells Fargo & Co. from a sell rating to a hold rating in a report on Monday, July 4th. Sandler O’Neill restated a hold rating on shares of Wells Fargo & Co. in a report on Friday, September 30th. Finally, Raymond James Financial Inc. lowered shares of Wells Fargo & Co. from a market perform rating to an underperform rating in a report on Tuesday, October 4th. Six analysts have rated the stock with a sell rating, nine have given a hold rating and eighteen have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $49.73.

Shares of Wells Fargo & Co. (NYSE:WFC) opened at 44.50 on Thursday. The company has a market cap of $224.53 billion, a price-to-earnings ratio of 10.99 and a beta of 0.91. Wells Fargo & Co. has a 1-year low of $43.55 and a 1-year high of $56.34. The company’s 50-day moving average is $46.61 and its 200 day moving average is $48.03.

Wells Fargo & Co. (NYSE:WFC) last released its earnings results on Friday, October 14th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.02. The firm earned $22.30 billion during the quarter. Wells Fargo & Co. had a net margin of 23.91% and a return on equity of 12.72%. Wells Fargo & Co.’s revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.05 EPS. Equities analysts anticipate that Wells Fargo & Co. will post $4.02 EPS for the current year.

In related news, COO Timothy J. Sloan sold 20,500 shares of the business’s stock in a transaction on Monday, August 8th. The shares were 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 in the company, valued at approximately $31,837,869.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Several institutional investors have recently bought and sold shares of WFC. CIBC World Markets Inc. raised its stake in shares of Wells Fargo & Co. by 13.6% in the second quarter. CIBC World Markets Inc. now owns 784,944 shares of the financial services provider’s stock valued at $37,151,000 after buying an additional 93,961 shares during the last quarter. Svenska Handelsbanken AB publ bought a new stake in shares of Wells Fargo & Co. during the second quarter valued at approximately $15,118,000. Exxonmobil Investment Management Inc. TX raised its stake in shares of Wells Fargo & Co. by 6.3% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 1,195,917 shares of the financial services provider’s stock valued at $56,603,000 after buying an additional 71,107 shares during the last quarter. Lazard Asset Management LLC raised its stake in shares of Wells Fargo & Co. by 10.3% in the first quarter. Lazard Asset Management LLC now owns 6,564,216 shares of the financial services provider’s stock valued at $317,445,000 after buying an additional 611,374 shares during the last quarter. Finally, Aviva PLC raised its stake in shares of Wells Fargo & Co. by 0.7% in the first quarter. Aviva PLC now owns 3,065,051 shares of the financial services provider’s stock valued at $148,226,000 after buying an additional 22,620 shares during the last quarter. Hedge funds and other institutional investors own 73.94% of the company’s stock.

About Wells Fargo & Co.

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