Credit Suisse Group Reaffirms “Hold” Rating for Wells Fargo & Company (WFC)

Credit Suisse Group reissued their hold rating on shares of Wells Fargo & Company (NYSE:WFC) in a research note released on Tuesday. The firm currently has a $57.00 price target on the financial services provider’s stock.

A number of other research firms have also weighed in on WFC. UBS AG reissued a neutral rating and set a $56.00 price objective (down previously from $59.00) on shares of Wells Fargo & in a research note on Friday, September 15th. Piper Jaffray Companies reissued a neutral rating and set a $50.00 price objective (down previously from $52.00) on shares of Wells Fargo & in a research note on Wednesday, September 13th. Berenberg Bank lowered Wells Fargo & from a hold rating to a sell rating and boosted their price objective for the stock from $35.00 to $45.00 in a research note on Friday, July 21st. Robert W. Baird restated a buy rating and issued a $58.00 target price on shares of Wells Fargo & in a research report on Tuesday, September 5th. Finally, Keefe, Bruyette & Woods restated an overweight rating on shares of Wells Fargo & in a research report on Thursday, July 13th. Seven research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $57.19.

Shares of Wells Fargo & (NYSE:WFC) opened at 55.21 on Tuesday. The company’s 50-day moving average price is $52.98 and its 200 day moving average price is $53.58. Wells Fargo & has a 12-month low of $44.32 and a 12-month high of $59.99. The stock has a market cap of $274.06 billion, a price-to-earnings ratio of 13.60 and a beta of 0.97.

Wells Fargo & (NYSE:WFC) last released its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.05. The company had revenue of $22.20 billion for the quarter, compared to analyst estimates of $22.23 billion. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The firm’s revenue for the quarter was up .2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.01 earnings per share. On average, equities analysts predict that Wells Fargo & will post $4.14 earnings per share for the current year.

ILLEGAL ACTIVITY NOTICE: This report was originally reported by Sports Perspectives and is owned by of Sports Perspectives. If you are accessing this report on another site, it was stolen and republished in violation of United States & international copyright & trademark law. The original version of this report can be viewed at https://sportsperspectives.com/2017/10/13/credit-suisse-group-reaffirms-hold-rating-for-wells-fargo-company-wfc.html.

Wells Fargo & declared that its board has initiated a stock buyback program on Wednesday, June 28th that allows the company to buyback $11.50 billion in shares. This buyback authorization allows the financial services provider to purchase up to 4.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Several large investors have recently added to or reduced their stakes in WFC. Hudson Valley Investment Advisors Inc. ADV boosted its position in shares of Wells Fargo & by 1.0% during the 1st quarter. Hudson Valley Investment Advisors Inc. ADV now owns 97,478 shares of the financial services provider’s stock worth $5,426,000 after acquiring an additional 931 shares in the last quarter. V Wealth Management LLC boosted its position in shares of Wells Fargo & by 27.2% during the 1st quarter. V Wealth Management LLC now owns 7,826 shares of the financial services provider’s stock worth $438,000 after acquiring an additional 1,674 shares in the last quarter. Candriam Luxembourg S.C.A. boosted its position in shares of Wells Fargo & by 15.4% during the 1st quarter. Candriam Luxembourg S.C.A. now owns 485,901 shares of the financial services provider’s stock worth $27,047,000 after acquiring an additional 64,742 shares in the last quarter. CAPROCK Group Inc. boosted its position in shares of Wells Fargo & by 5.1% during the 1st quarter. CAPROCK Group Inc. now owns 18,315 shares of the financial services provider’s stock worth $1,019,000 after acquiring an additional 883 shares in the last quarter. Finally, Nationwide Fund Advisors boosted its position in shares of Wells Fargo & by 8.2% during the 1st quarter. Nationwide Fund Advisors now owns 3,055,904 shares of the financial services provider’s stock worth $170,092,000 after acquiring an additional 231,499 shares in the last quarter. 75.12% of the stock is owned by institutional investors and hedge funds.

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)

Receive News & Ratings for Wells Fargo & Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Company and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply