Wells Fargo & Co (WFC) Downgraded by Morgan Stanley to “Underweight”

Wells Fargo & Co (NYSE:WFC) was downgraded by analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research report issued on Monday, February 5th, MarketBeat.com reports.

WFC has been the topic of several other research reports. Vetr cut Wells Fargo & Co from a “strong-buy” rating to a “sell” rating and set a $55.47 price objective on the stock. in a report on Monday, January 8th. Sanford C. Bernstein upgraded Wells Fargo & Co from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $64.00 to $69.00 in a report on Wednesday, January 3rd. BMO Capital Markets lifted their price objective on Wells Fargo & Co from $49.00 to $50.00 and gave the company a “market perform” rating in a report on Monday, October 16th. Keefe, Bruyette & Woods reiterated a “buy” rating on shares of Wells Fargo & Co in a report on Tuesday, January 16th. Finally, Goldman Sachs Group reiterated a “buy” rating on shares of Wells Fargo & Co in a report on Wednesday, October 11th. Six analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Wells Fargo & Co presently has an average rating of “Hold” and a consensus price target of $62.90.

Wells Fargo & Co (NYSE WFC) traded up $0.26 during trading hours on Monday, hitting $59.81. The stock had a trading volume of 15,638,223 shares, compared to its average volume of 25,286,250. Wells Fargo & Co has a fifty-two week low of $49.27 and a fifty-two week high of $66.31. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.90 and a quick ratio of 0.88. The company has a market cap of $294,180.00, a PE ratio of 14.46, a PEG ratio of 1.52 and a beta of 1.01.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.97 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.07). Wells Fargo & Co had a net margin of 22.57% and a return on equity of 12.24%. The business had revenue of $22.05 billion for the quarter, compared to the consensus estimate of $22.64 billion. During the same quarter last year, the firm earned $0.96 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. equities analysts anticipate that Wells Fargo & Co will post 4.72 earnings per share for the current year.

Wells Fargo & Co declared that its board has authorized a stock buyback program on Tuesday, January 23rd that authorizes the company to buyback 350,000,000 outstanding shares. This buyback authorization authorizes 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 leadership believes its shares are undervalued.

In related news, Director Ronald Sargent purchased 9,000 shares of the stock in a transaction on Monday, February 12th. The shares were purchased at an average price of $55.98 per share, with a total value of $503,820.00. Following the transaction, the director now directly owns 81 shares of the company’s stock, valued at $4,534.38. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Michael J. Loughlin sold 17,482 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $57.80, for a total value of $1,010,459.60. The disclosure for this sale can be found here. Insiders have sold a total of 184,482 shares of company stock worth $10,471,050 in the last ninety days. Insiders own 0.22% of the company’s stock.

Several large investors have recently bought and sold shares of WFC. BB&T Investment Services Inc. boosted its stake in shares of Wells Fargo & Co by 39.4% during the 4th quarter. BB&T Investment Services Inc. now owns 18,752 shares of the financial services provider’s stock worth $1,116,000 after acquiring an additional 5,299 shares during the period. Lake Street Advisors Group LLC bought a new position in shares of Wells Fargo & Co during the 4th quarter worth approximately $1,381,000. DF Dent & Co. Inc. boosted its stake in shares of Wells Fargo & Co by 19.7% during the 4th quarter. DF Dent & Co. Inc. now owns 9,167 shares of the financial services provider’s stock worth $556,000 after acquiring an additional 1,508 shares during the period. MetLife Investment Advisors LLC bought a new position in shares of Wells Fargo & Co during the 4th quarter worth approximately $83,193,000. Finally, Fort Point Capital Partners LLC boosted its stake in shares of Wells Fargo & Co by 10.9% during the 4th quarter. Fort Point Capital Partners LLC now owns 35,617 shares of the financial services provider’s stock worth $2,161,000 after acquiring an additional 3,492 shares during the period. 76.00% of the stock is currently owned by hedge funds and other institutional investors.

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Wells Fargo & Co Company Profile

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.

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

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