Wells Fargo & Company (NYSE:WFC) Raised to “Buy” at DA Davidson

DA Davidson upgraded shares of Wells Fargo & Company (NYSE:WFC) from a neutral rating to a buy rating in a report issued on Thursday morning, AR Network reports. They currently have $31.00 price objective on the financial services provider’s stock, up from their previous price objective of $27.00.

Other equities analysts have also issued reports about the company. ValuEngine lowered Wells Fargo & Company from a buy rating to a hold rating in a report on Thursday, October 1st. Atlantic Securities raised Wells Fargo & Company from an underweight rating to a neutral rating and upped their target price for the company from $28.00 to $30.00 in a report on Wednesday, July 22nd. Compass Point raised Wells Fargo & Company from a neutral rating to a buy rating and set a $27.00 target price for the company in a report on Friday, November 6th. Royal Bank of Canada reaffirmed a sell rating and issued a $25.00 target price on shares of Wells Fargo & Company in a report on Wednesday, September 23rd. Finally, UBS Group raised Wells Fargo & Company from a sell rating to a neutral rating and upped their target price for the company from $21.00 to $24.00 in a report on Friday, September 11th. Three equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $31.26.

WFC stock opened at $25.48 on Thursday. The company has a market capitalization of $105.35 billion, a P/E ratio of 68.86, a price-to-earnings-growth ratio of 4.84 and a beta of 1.07. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.85 and a current ratio of 0.87. Wells Fargo & Company has a 52-week low of $20.76 and a 52-week high of $54.75. The business has a 50-day simple moving average of $23.43 and a two-hundred day simple moving average of $24.96.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, October 20th. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.03). The company had revenue of $18.86 billion for the quarter, compared to analyst estimates of $17.87 billion. Wells Fargo & Company had a net margin of 3.72% and a return on equity of 3.18%. Wells Fargo & Company’s revenue for the quarter was down 14.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.92 EPS. As a group, sell-side analysts forecast that Wells Fargo & Company will post 0.48 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 6th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, November 5th. This represents a $0.40 annualized dividend and a dividend yield of 1.57%. Wells Fargo & Company’s dividend payout ratio is currently 9.13%.

Several large investors have recently bought and sold shares of WFC. Jeppson Wealth Management LLC bought a new position in shares of Wells Fargo & Company in the third quarter worth $470,000. Chiron Capital Management LLC bought a new position in shares of Wells Fargo & Company in the third quarter worth $533,000. IHT Wealth Management LLC increased its holdings in shares of Wells Fargo & Company by 3.5% in the third quarter. IHT Wealth Management LLC now owns 17,003 shares of the financial services provider’s stock worth $400,000 after purchasing an additional 568 shares during the period. Rehmann Capital Advisory Group bought a new position in shares of Wells Fargo & Company in the third quarter worth $518,000. Finally, Stamos Capital Partners L.P. increased its holdings in shares of Wells Fargo & Company by 136.2% in the third quarter. Stamos Capital Partners L.P. now owns 300,000 shares of the financial services provider’s stock worth $7,053,000 after purchasing an additional 173,000 shares during the period. Hedge funds and other institutional investors own 67.25% of the company’s stock.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services to individuals, businesses, and institutions in the United States and internationally. It operates in three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.

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

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