Shares of Wells Fargo & Co (NYSE:WFC) have been given an average recommendation of “Hold” by the twenty-three ratings firms that are covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $51.18.
WFC has been the subject of a number of recent analyst reports. Citigroup cut shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $56.00 to $51.00 in a research report on Friday, July 12th. Buckingham Research dropped their target price on shares of Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, July 17th. Morgan Stanley dropped their target price on shares of Wells Fargo & Co from $50.00 to $48.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 17th. Odeon Capital Group upgraded shares of Wells Fargo & Co from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Finally, Wolfe Research cut shares of Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a research report on Wednesday, July 10th.
A number of institutional investors have recently added to or reduced their stakes in WFC. Brand Asset Management Group Inc. increased its position 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 worth $31,000 after buying an additional 242 shares in the last quarter. Orrstown Financial Services Inc. raised its holdings in shares of 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 worth $25,000 after buying an additional 287 shares during the period. Evolution Wealth Advisors LLC purchased a new stake in shares of Wells Fargo & Co in the second quarter worth approximately $25,000. Horan Capital Advisors LLC. purchased a new position in Wells Fargo & Co during the 1st quarter worth $27,000. Finally, Next Capital Management LLC purchased a new position in Wells Fargo & Co during the 2nd quarter worth $32,000. 76.89% of the stock is currently owned by institutional investors and hedge funds.
Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.14. The company had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $20.95 billion. Wells Fargo & Co had a net margin of 23.26% and a return on equity of 13.74%. The business’s revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.98 EPS. On average, analysts forecast that Wells Fargo & Co will post 4.8 EPS for the current fiscal year.
Wells Fargo & Co declared that its board has authorized a stock repurchase program on Thursday, June 27th that permits the company to buyback $23.10 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 11.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 4.68%. The ex-dividend date is Thursday, August 8th. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. Wells Fargo & Co’s dividend payout ratio (DPR) is 46.58%.
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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