The Wells Fargo & Company (WFC) Upgraded to Hold by Zacks Investment Research

The Wells Fargo & Company (WFC) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Wells Fargo & Company (NYSE:WFC) from a sell rating to a hold rating in a report published on Thursday morning.

According to Zacks, “Shares of Wells Fargo have underperformed the industry year to date. However, the company has an impressive earnings surprise history. The company has surpassed the Zacks Consensus Estimate for earnings in all the trailing four quarters. Wells Fargo plans $4 billion of cost cuts by 2019. Moreover, though lesser regulations on lending and capital levels are not expected any time soon, these are likely to reduce costs of compliance significantly and allow banks to grow lending. Further, rising rates are easing margin pressure to an extent. While the current crisis related to the revelation of illegally opening millions of illegal accounts last year at the company will take some time to alleviate, we believe that consistent growth in loans and deposits and expansions will likely support its growth profile.”

Other equities research analysts have also recently issued research reports about the stock. Buckingham Research restated a neutral rating and set a $62.00 target price (up previously from $60.00) on shares of Wells Fargo & in a research note on Monday, July 10th. Keefe, Bruyette & Woods restated a buy rating and set a $62.00 target price on shares of Wells Fargo & in a research note on Friday, June 23rd. BidaskClub cut shares of Wells Fargo & from a sell rating to a strong sell rating in a research note on Wednesday, August 2nd. Piper Jaffray Companies restated a hold rating on shares of Wells Fargo & in a research note on Sunday, July 30th. Finally, Vetr upgraded shares of Wells Fargo & from a sell rating to a hold rating and set a $53.07 target price on the stock in a research note on Monday, September 18th. Seven research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $57.19.

Wells Fargo & (NYSE:WFC) last issued its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.84 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.03 by ($0.19). Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The business had revenue of $21.93 billion during the quarter, compared to the consensus estimate of $22.30 billion. During the same quarter last year, the company earned $1.03 EPS. Wells Fargo &’s revenue for the quarter was down 1.8% on a year-over-year basis.

Wells Fargo & declared that its board has approved a stock repurchase program on Wednesday, June 28th that permits the company to buyback $11.50 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 4.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Boston Partners lifted 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 purchasing an additional 2,648,763 shares during the last quarter. Canada Pension Plan Investment Board lifted 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 purchasing an additional 3,637,100 shares during the last quarter. Kelman Lazarov Inc. lifted 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 purchasing an additional 3,612 shares during the last quarter. First Citizens Bank & Trust Co. lifted its position in shares of Wells Fargo & by 4.7% during the second quarter. First Citizens Bank & Trust Co. now owns 103,269 shares of the financial services provider’s stock worth $5,722,000 after purchasing an additional 4,647 shares during the last quarter. Finally, Dixon Hubard Feinour & Brown Inc. VA lifted 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 purchasing an additional 1,500 shares during the last quarter. 75.12% of the stock is owned by institutional investors.

Wells Fargo & 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.

Related posts

Leave a Comment