Wells Fargo & Co (NYSE:WFC) Given New $53.00 Price Target at Credit Suisse Group

Wells Fargo & Co (NYSE:WFC) had its price objective lifted by Credit Suisse Group from $52.00 to $53.00 in a research report report published on Friday, BenzingaRatingsTable reports. Credit Suisse Group currently has a neutral rating on the financial services provider’s stock.

A number of other analysts also recently weighed in on the company. JPMorgan Chase & Co. decreased their price target on Wells Fargo & Co from $48.50 to $47.50 and set an underweight rating for the company in a report on Tuesday, July 9th. Deutsche Bank set a $44.00 price target on Wells Fargo & Co and gave the stock a hold rating in a report on Friday, July 26th. Citigroup downgraded Wells Fargo & Co from a buy rating to a neutral rating and decreased their price target for the stock from $56.00 to $51.00 in a report on Friday, July 12th. Odeon Capital Group upgraded Wells Fargo & Co from a hold rating to a buy rating in a report on Thursday, August 1st. Finally, BMO Capital Markets decreased their price target on Wells Fargo & Co to $59.00 and set a market perform rating for the company in a report on Wednesday, July 17th. Five analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $50.48.

NYSE:WFC traded up $0.73 during trading hours on Friday, hitting $49.21. 15,548,517 shares of the company were exchanged, compared to its average volume of 20,907,732. The stock has a market capitalization of $216.82 billion, a price-to-earnings ratio of 11.24, a price-to-earnings-growth ratio of 0.96 and a beta of 1.11. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36. Wells Fargo & Co has a one year low of $43.02 and a one year high of $55.04. The company has a fifty day simple moving average of $47.39 and a 200 day simple moving average of $47.19.

Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The business had revenue of $21.58 billion during the quarter, compared to analyst estimates of $20.95 billion. During the same period last year, the company earned $0.98 EPS. Wells Fargo & Co’s revenue for the quarter was up .1% compared to the same quarter last year. Equities research analysts predict that Wells Fargo & Co will post 4.77 earnings per share for the current fiscal year.

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

Several institutional investors and hedge funds have recently modified their holdings of the company. Gilbert & Cook Inc. lifted its position in Wells Fargo & Co by 0.6% in the 2nd quarter. Gilbert & Cook Inc. now owns 40,447 shares of the financial services provider’s stock valued at $1,914,000 after acquiring an additional 225 shares in the last quarter. Private Wealth Advisors Inc. lifted its position in Wells Fargo & Co by 1.2% in the 2nd quarter. Private Wealth Advisors Inc. now owns 20,653 shares of the financial services provider’s stock valued at $977,000 after acquiring an additional 242 shares in the last quarter. Warren Averett Asset Management LLC lifted its position in Wells Fargo & Co by 4.3% in the 2nd quarter. Warren Averett Asset Management LLC now owns 5,937 shares of the financial services provider’s stock valued at $281,000 after acquiring an additional 245 shares in the last quarter. Fulton Bank N.A. lifted its position in Wells Fargo & Co by 1.3% in the 3rd quarter. Fulton Bank N.A. now owns 19,943 shares of the financial services provider’s stock valued at $1,006,000 after acquiring an additional 253 shares in the last quarter. Finally, Altium Wealth Management LLC lifted its position in Wells Fargo & Co by 0.9% in the 2nd quarter. Altium Wealth Management LLC now owns 28,799 shares of the financial services provider’s stock valued at $1,363,000 after acquiring an additional 257 shares in the last quarter. Institutional investors own 75.25% 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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