Wells Fargo & Co (NYSE:WFC) Cut to “Underperform” at Wolfe Research

Wolfe Research lowered shares of Wells Fargo & Co (NYSE:WFC) from a peer perform rating to an underperform rating in a research report released on Wednesday, Briefing.com Automated Import reports.

Other equities analysts also recently issued reports about the stock. BMO Capital Markets raised their price objective on shares of Citigroup from $92.00 to $93.00 and gave the stock an outperform rating in a report on Monday, April 15th. ValuEngine raised shares of Zynerba Pharmaceuticals from a sell rating to a hold rating in a report on Monday, April 1st. Bank of America reissued a hold rating and set a $212.00 price target on shares of Goldman Sachs Group in a report on Monday, April 15th. Barclays lifted their price target on shares of Zimmer Biomet from $113.00 to $117.00 and gave the company an underweight rating in a report on Monday, April 15th. Finally, Buckingham Research downgraded shares of Carnival from a buy rating to a neutral rating and cut their price target for the company from $65.00 to $54.00 in a report on Monday, April 15th. Five equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the stock. Wells Fargo & Co presently has a consensus rating of Hold and a consensus target price of $53.45.

NYSE:WFC opened at $47.36 on Wednesday. The stock’s 50-day simple moving average is $46.30. The company has a market cap of $211.86 billion, a P/E ratio of 10.81, a price-to-earnings-growth ratio of 0.91 and a beta of 1.08. Wells Fargo & Co has a 52 week low of $43.02 and a 52 week high of $59.53. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 1.35.



Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. The company had revenue of $21.61 billion during the quarter, compared to the consensus estimate of $20.89 billion. Wells Fargo & Co had a net margin of 22.59% and a return on equity of 13.37%. During the same period last year, the firm earned $0.96 EPS. As a group, equities research analysts predict that Wells Fargo & Co will post 4.66 earnings per share for the current fiscal year.

Wells Fargo & Co announced that its board has authorized a stock repurchase plan on Thursday, June 27th that authorizes the company to repurchase $23.10 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

In other Wells Fargo & Co news, insider Petros G. Pelos sold 28,304 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $46.51, for a total value of $1,316,419.04. Following the completion of the sale, the insider now owns 3,066 shares in the company, valued at approximately $142,599.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.08% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Daily Journal Corp grew its position in shares of Wells Fargo & Co by 9,900.0% during the 2nd quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock worth $75,324,000 after buying an additional 157,588,200 shares during the period. Northern Trust Corp grew its position in shares of Wells Fargo & Co by 0.9% during the 4th quarter. Northern Trust Corp now owns 52,682,537 shares of the financial services provider’s stock worth $2,427,611,000 after buying an additional 449,328 shares during the period. Geode Capital Management LLC grew its position in shares of Wells Fargo & Co by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 51,636,368 shares of the financial services provider’s stock worth $2,375,189,000 after buying an additional 2,114,810 shares during the period. Norges Bank acquired a new stake in shares of Wells Fargo & Co during the 4th quarter worth approximately $2,004,580,000. Finally, Legal & General Group Plc grew its position in shares of Wells Fargo & Co by 4.9% during the 4th quarter. Legal & General Group Plc now owns 20,391,629 shares of the financial services provider’s stock worth $939,635,000 after buying an additional 947,264 shares during the period. Hedge funds and other institutional investors own 75.35% of the company’s stock.

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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