Wells Fargo (NYSE:WFC) Given Consensus Rating of “Hold” by Brokerages

Wells Fargo (NYSE:WFC) has earned a consensus recommendation of “Hold” from the thirty-one research firms that are currently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seventeen have assigned a buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $58.46.

In other Wells Fargo news, EVP Timothy J. Sloan sold 24,000 shares of the firm’s stock in a transaction dated Thursday, October 22nd. The stock was sold at an average price of $54.28, for a total transaction of $1,302,720.00. Following the transaction, the executive vice president now owns 521,408 shares in the company, valued at $28,302,026.24. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Michael J. Loughlin sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, December 9th. The stock was sold at an average price of $54.48, for a total value of $1,089,600.00. Following the transaction, the executive vice president now owns 1,260 shares in the company, valued at approximately $68,644.80. The disclosure for this sale can be found here.

A number of institutional investors recently modified their holdings of the company. Chelsea Counsel Company boosted its position in shares of Wells Fargo by 48.7% in the third quarter. Chelsea Counsel Company now owns 8,079 shares of the financial services provider’s stock worth $415,000 after buying an additional 2,645 shares during the period. Perigon Wealth Management boosted its position in shares of Wells Fargo by 1.7% in the third quarter. Perigon Wealth Management now owns 18,963 shares of the financial services provider’s stock worth $974,000 after buying an additional 320 shares during the period. Gerstein Fisher boosted its position in shares of Wells Fargo by 3.4% in the third quarter. Gerstein Fisher now owns 38,786 shares of the financial services provider’s stock worth $1,992,000 after buying an additional 1,287 shares during the period. Baker Avenue Asset Management bought a new position in shares of Wells Fargo during the third quarter worth about $3,589,000. Finally, Eagle Asset Management boosted its position in shares of Wells Fargo by 95.3% in the third quarter. Eagle Asset Management now owns 3,458,646 shares of the financial services provider’s stock worth $177,600,000 after buying an additional 1,687,848 shares during the period.

A number of research analysts have recently commented on the company. Piper Jaffray assumed coverage on Wells Fargo in a report on Monday, November 23rd. They set a “neutral” rating and a $51.00 price target for the company. Vetr lowered Wells Fargo from a “buy” rating to a “hold” rating and set a $57.31 price target for the company. in a report on Monday, November 23rd. Jefferies Group reiterated a “buy” rating and set a $59.00 price target on shares of Wells Fargo in a report on Monday, December 7th. Susquehanna cut their target price on Wells Fargo from $62.00 to $60.00 and set a “neutral” rating for the company in a research note on Tuesday, November 17th. Finally, Deutsche Bank upped their target price on Wells Fargo from $53.00 to $56.00 and gave the company a “hold” rating in a research note on Monday, November 2nd.

Wells Fargo (NYSE:WFC) traded down 2.65% during midday trading on Monday, reaching $52.92. 3,766,461 shares of the company traded hands. The company has a market cap of $270.31 billion and a price-to-earnings ratio of 12.78. The company has a 50-day moving average price of $54.91 and a 200-day moving average price of $54.86. Wells Fargo has a 12-month low of $47.75 and a 12-month high of $58.77.

Wells Fargo (NYSE:WFC) last issued its quarterly earnings results on Wednesday, October 14th. The financial services provider reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.01. The business had revenue of $21.88 billion for the quarter, compared to analyst estimates of $21.75 billion. During the same quarter last year, the firm earned $1.02 earnings per share. The firm’s quarterly revenue was up 3.1% compared to the same quarter last year. On average, analysts predict that Wells Fargo will post $4.15 earnings per share for the current fiscal year.

12 Month Chart for NYSE:WFC

Wells Fargo & Company is a financial services and bank holding company. The Company’s segments are Community Banking, Wholesale Banking, and Wealth and Brokerage and Retirement. The Company’s Community Banking segment offers a range of financial products and services for consumers and small businesses, including checking and savings accounts, credit and debit cards, and auto, student and small business lending. The Community Banking segment’s products include investment, insurance and trust services, and mortgage and home equity loans. The Community Banking segment’s products and business segments include middle market commercial banking, government and institutional banking, corporate banking and commercial real estate, among others. The Company’s Wholesale Banking segment provides a range of financial solutions to businesses across the United States and around the world. The Wealth and Brokerage and Retirement segment provides a range of financial advisory services.

 

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