Wells Fargo & Company (WFC) Given Neutral Rating at Piper Jaffray Companies

Piper Jaffray Companies reaffirmed their neutral rating on shares of Wells Fargo & Company (NYSE:WFC) in a report released on Wednesday morning. The brokerage currently has a $50.00 target price on the financial services provider’s stock, down from their previous target price of $52.00.

A number of other research analysts have also recently issued reports on WFC. Keefe, Bruyette & Woods set a $62.00 price objective on shares of Wells Fargo & and gave the company a buy rating in a research note on Friday, May 19th. Jefferies Group LLC reissued a hold rating and issued a $62.00 price objective on shares of Wells Fargo & in a research note on Thursday, June 8th. BidaskClub raised shares of Wells Fargo & from a strong sell rating to a sell rating in a research note on Saturday, June 10th. Vetr lowered shares of Wells Fargo & from a buy rating to a hold rating and set a $54.80 target price on the stock. in a research report on Monday, June 12th. Finally, Zacks Investment Research lowered shares of Wells Fargo & from a hold rating to a sell rating in a research report on Monday, June 19th. Six investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of Hold and a consensus price target of $55.85.

Wells Fargo & (WFC) opened at 51.66 on Wednesday. Wells Fargo & has a 12-month low of $43.55 and a 12-month high of $59.99. The firm’s 50-day moving average price is $51.92 and its 200 day moving average price is $54.04. The firm has a market cap of $256.44 billion, a P/E ratio of 12.72 and a beta of 0.96.

Wells Fargo & (NYSE:WFC) last announced its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.05. The business had revenue of $22.20 billion for the quarter, compared to analysts’ expectations of $22.23 billion. Wells Fargo & had a net margin of 23.25% and a return on equity of 12.65%. The firm’s quarterly revenue was up .2% compared to the same quarter last year. During the same period last year, the firm posted $1.01 earnings per share. Analysts forecast that Wells Fargo & will post $4.16 earnings per share for the current fiscal year.

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Wells Fargo & announced that its board has authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $11.50 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 4th were paid a $0.39 dividend. This is an increase from Wells Fargo &’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 3.02%. The ex-dividend date was Wednesday, August 2nd. Wells Fargo &’s payout ratio is 38.42%.

A number of institutional investors and hedge funds have recently bought and sold shares of WFC. Boston Partners increased its position in shares of Wells Fargo & by 50.0% during the first quarter. Boston Partners now owns 7,948,841 shares of the financial services provider’s stock worth $442,432,000 after acquiring an additional 2,648,763 shares in the last quarter. Canada Pension Plan Investment Board increased its position in shares of Wells Fargo & by 83.9% during the first quarter. Canada Pension Plan Investment Board now owns 7,972,116 shares of the financial services provider’s stock worth $443,728,000 after acquiring an additional 3,637,100 shares in the last quarter. Kelman Lazarov Inc. increased its position in shares of Wells Fargo & by 6.0% during the second quarter. Kelman Lazarov Inc. now owns 64,172 shares of the financial services provider’s stock worth $3,556,000 after acquiring an additional 3,612 shares in the last quarter. Gateway Investment Advisers LLC increased its position in shares of Wells Fargo & by 1.6% during the first quarter. Gateway Investment Advisers LLC now owns 2,698,277 shares of the financial services provider’s stock worth $150,186,000 after acquiring an additional 41,531 shares in the last quarter. Finally, Dixon Hubard Feinour & Brown Inc. VA increased its position in shares of Wells Fargo & by 25.8% during the second quarter. Dixon Hubard Feinour & Brown Inc. VA now owns 7,307 shares of the financial services provider’s stock worth $405,000 after acquiring an additional 1,500 shares in the last quarter. 75.19% of the stock is owned by hedge funds and other institutional investors.

About Wells Fargo &

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 & (NYSE:WFC)

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