Wells Fargo & Co (WFC) Price Target Lowered to $60.00 at Credit Suisse Group

Wells Fargo & Co (NYSE:WFC) had its price objective decreased by Credit Suisse Group from $62.00 to $60.00 in a research note issued to investors on Friday, The Fly reports. Credit Suisse Group currently has a neutral rating on the financial services provider’s stock.

A number of other research analysts have also issued reports on the stock. Edward Jones upgraded shares of Wells Fargo & Co from a hold rating to a buy rating in a research note on Monday, September 17th. Macquarie lowered their target price on shares of Wells Fargo & Co from $63.00 to $62.00 and set a neutral rating on the stock in a research note on Monday, September 17th. UBS Group set a $63.00 target price on shares of Wells Fargo & Co and gave the company a buy rating in a research note on Friday, September 28th. Citigroup upgraded shares of Wells Fargo & Co from a neutral rating to a buy rating in a research note on Friday, November 2nd. Finally, Zacks Investment Research lowered shares of Wells Fargo & Co from a hold rating to a sell rating in a research note on Tuesday, September 18th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and fourteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $63.61.

NYSE:WFC traded down $0.83 during midday trading on Friday, reaching $50.26. The stock had a trading volume of 28,508,788 shares, compared to its average volume of 19,768,462. Wells Fargo & Co has a 1-year low of $50.02 and a 1-year high of $66.31. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26. The firm has a market capitalization of $249.20 billion, a PE ratio of 12.23, a PEG ratio of 1.02 and a beta of 1.00.

Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Friday, October 12th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.04). Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%. The firm had revenue of $21.94 billion during the quarter, compared to analyst estimates of $21.90 billion. As a group, analysts anticipate that Wells Fargo & Co will post 4.5 EPS for the current fiscal year.

Wells Fargo & Co announced that its Board of Directors has authorized a share repurchase plan on Tuesday, October 23rd that authorizes the company to repurchase 350,000,000 shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

The business also recently declared a quarterly dividend, which was paid on Saturday, December 1st. Shareholders of record on Friday, November 9th were issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend was Thursday, November 8th. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 41.85%.

Institutional investors have recently modified their holdings of the business. Landaas & Co. WI ADV bought a new position in shares of Wells Fargo & Co during the 2nd quarter worth about $117,000. Sageworth Trust Co lifted its holdings in Wells Fargo & Co by 257.9% during the 3rd quarter. Sageworth Trust Co now owns 2,151 shares of the financial services provider’s stock valued at $113,000 after purchasing an additional 1,550 shares during the last quarter. Lee Financial Co lifted its holdings in Wells Fargo & Co by 433.4% during the 3rd quarter. Lee Financial Co now owns 2,507 shares of the financial services provider’s stock valued at $132,000 after purchasing an additional 2,037 shares during the last quarter. Almanack Investment Partners LLC. bought a new position in Wells Fargo & Co during the 3rd quarter valued at about $141,000. Finally, Parkside Investments LLC bought a new position in Wells Fargo & Co during the 3rd quarter valued at about $174,000. 73.02% of the stock is owned by hedge funds and other institutional investors.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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