Today: Wells Fargo & Co. (WFC) Stock Rating Reaffirmed by Piper Jaffray Cos.

Today: Wells Fargo & Co. (WFC) Stock Rating Reaffirmed by Piper Jaffray Cos.

Wells Fargo & Co. (NYSE:WFC)‘s stock had its “underweight” rating reaffirmed by stock analysts at Piper Jaffray Cos. in a research note issued to investors on Thursday. They currently have a $43.00 price objective on the financial services provider’s stock. Piper Jaffray Cos.’s price objective suggests a potential downside of 3.82% from the company’s current price.

WFC has been the subject of several other research reports. Vetr downgraded shares of Wells Fargo & Co. from a “hold” rating to a “sell” rating and set a $46.32 target price for the company. in a research note on Tuesday, August 30th. Citigroup Inc. reiterated an “outperform” rating and issued a $50.00 target price (down previously from $56.00) on shares of Wells Fargo & Co. in a research note on Monday, September 26th. Zacks Investment Research downgraded shares of Wells Fargo & Co. from a “hold” rating to a “sell” rating in a research note on Thursday, September 29th. Deutsche Bank AG reiterated a “buy” rating and issued a $50.00 target price (down previously from $59.00) on shares of Wells Fargo & Co. in a research note on Friday, September 16th. Finally, Sandler O’Neill reiterated a “hold” rating on shares of Wells Fargo & Co. in a research note on Friday, September 30th. 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 company. The company currently has an average rating of “Hold” and an average price target of $50.03.

Wells Fargo & Co. (NYSE:WFC) opened at 44.71 on Thursday. The company’s 50-day moving average is $46.72 and its 200-day moving average is $48.06. Wells Fargo & Co. has a 52-week low of $43.55 and a 52-week high of $56.34. The firm has a market capitalization of $225.59 billion, a PE ratio of 11.04 and a beta of 0.91.

Wells Fargo & Co. (NYSE:WFC) last posted its earnings results on Friday, October 14th. The financial services provider reported $1.03 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.02. The firm earned $22.30 billion during the quarter, compared to the consensus estimate of $22.22 billion. Wells Fargo & Co. had a net margin of 24.33% and a return on equity of 12.95%. The company’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the company earned $1.05 earnings per share. Analysts forecast that Wells Fargo & Co. will post $4.02 EPS for the current fiscal year.

In related news, COO Timothy J. Sloan sold 20,500 shares of the company’s stock in a transaction dated 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 transaction, the chief operating officer now owns 650,815 shares in the company, valued at approximately $31,837,869.80. The sale 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.

A number of institutional investors have recently made changes to their positions in WFC. Parnassus Investments CA boosted its position in Wells Fargo & Co. by 879.2% in the second quarter. Parnassus Investments CA now owns 12,240,229 shares of the financial services provider’s stock valued at $579,330,000 after buying an additional 10,990,229 shares in the last quarter. Vanguard Group Inc. boosted its position in 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 valued at $13,632,368,000 after buying an additional 6,247,583 shares in the last quarter. Ruane Cunniff & Goldfarb Inc. boosted its position in Wells Fargo & Co. by 5,580.0% in the second quarter. Ruane Cunniff & Goldfarb Inc. now owns 5,242,602 shares of the financial services provider’s stock valued at $248,132,000 after buying an additional 5,150,302 shares in the last quarter. BlackRock Fund Advisors boosted its position in 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 valued at $2,804,161,000 after buying an additional 4,695,036 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in 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 valued at $6,348,262,000 after buying an additional 3,450,553 shares in the last quarter. Institutional investors own 73.98% of the company’s stock.

Wells Fargo & Co. Company Profile

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