Credit Suisse Group Reiterates Hold Rating for Wells Fargo & Co (WFC)

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Wells Fargo & Co (NYSE:WFC)‘s stock had its “hold” rating reissued by Credit Suisse Group in a research report issued to clients and investors on Friday. They presently have a $60.00 price objective on the financial services provider’s stock. Credit Suisse Group’s price target indicates a potential upside of 25.34% from the company’s previous close.

Several other brokerages have also issued reports on WFC. Wolfe Research assumed coverage on Wells Fargo & Co in a report on Tuesday, September 25th. They set an “outperform” rating on the stock. Edward Jones raised Wells Fargo & Co from a “hold” rating to a “buy” rating in a report on Monday, September 17th. Zacks Investment Research lowered Wells Fargo & Co from a “hold” rating to a “sell” rating in a report on Tuesday, September 18th. Macquarie decreased their target price on shares of Wells Fargo & Co from $63.00 to $62.00 and set a “neutral” rating for the company in a research note on Monday, September 17th. Finally, Citigroup upgraded shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating in a research note on Friday, November 2nd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the company. Wells Fargo & Co has a consensus rating of “Hold” and an average price target of $61.93.

Shares of WFC stock traded up $0.12 during mid-day trading on Friday, hitting $47.87. 19,901,189 shares of the stock were exchanged, compared to its average volume of 20,301,086. The firm has a market cap of $233.16 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 0.84 and a beta of 1.10. Wells Fargo & Co has a 12-month low of $43.02 and a 12-month high of $66.31. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.86 and a current ratio of 0.87.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($0.04). The firm had revenue of $21.94 billion for the quarter, compared to analysts’ expectations of $21.90 billion. Wells Fargo & Co had a return on equity of 12.69% and a net margin of 23.17%. As a group, research analysts predict that Wells Fargo & Co will post 4.49 EPS for the current year.

Wells Fargo & Co announced that its Board of Directors has authorized a stock repurchase program on Tuesday, October 23rd that allows the company to buyback 350,000,000 shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Institutional investors and hedge funds have recently made changes to their positions in the company. Capital International Investors grew its stake in shares of Wells Fargo & Co by 270.1% during the 3rd quarter. Capital International Investors now owns 89,775,252 shares of the financial services provider’s stock valued at $4,718,587,000 after buying an additional 65,517,025 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Wells Fargo & Co by 4.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 43,088,636 shares of the financial services provider’s stock worth $2,388,296,000 after acquiring an additional 1,874,789 shares during the period. Primecap Management Co. CA lifted its holdings in shares of Wells Fargo & Co by 47.1% during the 3rd quarter. Primecap Management Co. CA now owns 38,512,187 shares of the financial services provider’s stock worth $2,024,201,000 after acquiring an additional 12,337,098 shares during the period. Magellan Asset Management Ltd lifted its holdings in shares of Wells Fargo & Co by 0.3% during the 2nd quarter. Magellan Asset Management Ltd now owns 31,103,695 shares of the financial services provider’s stock worth $1,724,389,000 after acquiring an additional 78,797 shares during the period. Finally, TIAA CREF Investment Management LLC lifted its holdings in shares of Wells Fargo & Co by 5.7% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 15,545,982 shares of the financial services provider’s stock worth $817,097,000 after acquiring an additional 839,794 shares during the period. Institutional investors and hedge funds own 72.97% of the company’s stock.

Wells Fargo & Co Company Profile

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

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