Wolfe Research Downgrades Wells Fargo & Co (WFC) to Market Perform

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Wolfe Research downgraded shares of Wells Fargo & Co (NYSE:WFC) from an outperform rating to a market perform rating in a research note published on Tuesday, The Fly reports.

A number of other equities analysts have also issued reports on the stock. Zacks Investment Research raised shares of Wells Fargo & Co from a sell rating to a hold rating in a research report on Sunday, January 6th. ValuEngine raised shares of Wells Fargo & Co from a sell rating to a hold rating in a research report on Friday, January 4th. Robert W. Baird reissued a buy rating and set a $59.00 price target on shares of Wells Fargo & Co in a research report on Wednesday, January 2nd. Barclays reduced their price target on shares of Wells Fargo & Co from $66.00 to $64.00 and set an overweight rating for the company in a research report on Wednesday, January 2nd. Finally, Royal Bank of Canada raised shares of Wells Fargo & Co from an underperform rating to a sector perform rating and set a $45.50 price target for the company in a research report on Wednesday, January 2nd. Two analysts have rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the company. Wells Fargo & Co has a consensus rating of Hold and an average price target of $61.93.

Shares of Wells Fargo & Co stock opened at $47.87 on Tuesday. The company has a market capitalization of $233.16 billion, a P/E ratio of 11.65, a P/E/G ratio of 0.84 and a beta of 1.10. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.26. Wells Fargo & Co has a 52 week low of $43.02 and a 52 week high of $66.31.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.13 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.17 by ($0.04). Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. The company had revenue of $21.94 billion during the quarter, compared to analysts’ expectations of $21.90 billion. Analysts expect that Wells Fargo & Co will post 4.49 EPS for the current fiscal year.

Wells Fargo & Co announced that its Board of Directors has approved a share repurchase program on Tuesday, October 23rd that permits the company to buyback 350,000,000 outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Schwab Charles Investment Management Inc. grew its stake in Wells Fargo & Co by 2.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 16,910,637 shares of the financial services provider’s stock valued at $937,526,000 after acquiring an additional 372,355 shares during the period. Manchester Capital Management LLC grew its stake in Wells Fargo & Co by 529.0% in the 2nd quarter. Manchester Capital Management LLC now owns 8,397 shares of the financial services provider’s stock valued at $466,000 after acquiring an additional 7,062 shares during the period. Segall Bryant & Hamill LLC grew its stake in Wells Fargo & Co by 15.0% in the 2nd quarter. Segall Bryant & Hamill LLC now owns 222,691 shares of the financial services provider’s stock valued at $12,346,000 after acquiring an additional 29,118 shares during the period. Sunbelt Securities Inc. grew its stake in Wells Fargo & Co by 12.0% in the 2nd quarter. Sunbelt Securities Inc. now owns 20,843 shares of the financial services provider’s stock valued at $1,156,000 after acquiring an additional 2,232 shares during the period. Finally, American Century Companies Inc. grew its stake in Wells Fargo & Co by 29.9% in the 2nd quarter. American Century Companies Inc. now owns 10,583,847 shares of the financial services provider’s stock valued at $586,768,000 after acquiring an additional 2,436,521 shares during the period. 72.97% of the stock is currently owned by institutional investors and hedge funds.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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Analyst Recommendations for Wells Fargo & Co (NYSE:WFC)

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