BMO Capital Markets Trims Wells Fargo & Co (NYSE:WFC) Target Price to $59.00

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Wells Fargo & Co (NYSE:WFC) had its price target cut by investment analysts at BMO Capital Markets to $59.00 in a research note issued to investors on Wednesday, The Fly reports. The firm currently has a “market perform” rating on the financial services provider’s stock. BMO Capital Markets’ price objective suggests a potential upside of 30.50% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the company. Deutsche Bank reissued a “buy” rating and issued a $24.00 target price on shares of ABB in a research note on Tuesday, May 21st. Barclays increased their target price on Zimmer Biomet from $113.00 to $117.00 and gave the stock an “underweight” rating in a research note on Monday, April 15th. Buckingham Research cut their target price on Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday. Keefe, Bruyette & Woods cut Wells Fargo & Co from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $58.00 to $50.00 in a research note on Sunday, March 31st. Finally, Wolfe Research cut Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, July 10th. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the company. Wells Fargo & Co presently has a consensus rating of “Hold” and a consensus price target of $51.23.

WFC stock traded down $0.09 during midday trading on Wednesday, hitting $45.21. The stock had a trading volume of 21,563,163 shares, compared to its average volume of 20,735,332. The stock has a market cap of $209.93 billion, a price-to-earnings ratio of 10.32, a price-to-earnings-growth ratio of 0.90 and a beta of 1.08. The stock’s 50-day moving average price is $46.32. Wells Fargo & Co has a 52-week low of $43.02 and a 52-week high of $59.53. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 1.35.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a return on equity of 13.37% and a net margin of 22.59%. The company had revenue of $21.58 billion for the quarter, compared to analysts’ expectations of $20.95 billion. During the same period in the prior year, the firm earned $0.98 earnings per share. The firm’s revenue for the quarter was up .1% on a year-over-year basis. Equities research analysts expect that Wells Fargo & Co will post 4.66 EPS for the current year.

Wells Fargo & Co declared that its Board of Directors has initiated a share repurchase plan on Thursday, June 27th that allows the company to buyback $23.10 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

In other news, insider Petros G. Pelos sold 28,304 shares of the company’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $46.51, for a total transaction of $1,316,419.04. Following the transaction, the insider now directly owns 3,066 shares of the company’s stock, valued at $142,599.66. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.08% of the company’s stock.

Large investors have recently made changes to their positions in the company. Orrstown Financial Services Inc. lifted its holdings in Wells Fargo & Co by 125.9% in the first quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 287 shares during the period. Evolution Wealth Advisors LLC bought a new position in Wells Fargo & Co in the second quarter valued at about $25,000. Horan Capital Advisors LLC. bought a new position in Wells Fargo & Co in the first quarter valued at about $27,000. Brand Asset Management Group Inc. lifted its holdings in Wells Fargo & Co by 96.8% in the first quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 242 shares during the period. Finally, Nalls Sherbakoff Group LLC bought a new position in Wells Fargo & Co in the fourth quarter valued at about $32,000. 75.32% of the stock is currently owned by hedge funds and other institutional investors.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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