Morgan Stanley Cuts Wells Fargo & Co (NYSE:WFC) Price Target to $48.00

Wells Fargo & Co (NYSE:WFC) had its price objective cut by Morgan Stanley from $50.00 to $48.00 in a report issued on Wednesday morning, BenzingaRatingsTable reports. They currently have an equal weight rating on the financial services provider’s stock.

A number of other brokerages have also weighed in on WFC. Buckingham Research lowered Carnival from a buy rating to a neutral rating and dropped their price target for the stock from $65.00 to $54.00 in a research note on Monday, April 15th. ValuEngine raised Zynerba Pharmaceuticals from a sell rating to a hold rating in a report on Monday, April 1st. Citigroup raised Infosys from a neutral rating to a buy rating in a report on Friday, July 12th. Deutsche Bank reaffirmed a buy rating and set a $24.00 target price on shares of ABB in a report on Tuesday, May 21st. Finally, Macquarie set a €13.00 ($15.12) target price on Deutsche Telekom and gave the stock a sell rating in a report on Wednesday. Five equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company’s stock. Wells Fargo & Co has an average rating of Hold and a consensus target price of $51.23.

Shares of WFC stock opened at $46.03 on Wednesday. Wells Fargo & Co has a fifty-two week low of $43.02 and a fifty-two week high of $59.53. The stock has a market capitalization of $205.93 billion, a price-to-earnings ratio of 10.51, a price-to-earnings-growth ratio of 0.90 and a beta of 1.08. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.89 and a quick ratio of 0.87. The business’s 50-day simple moving average is $46.35.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The business had revenue of $21.58 billion for the quarter, compared to analyst estimates of $20.95 billion. During the same quarter in the previous year, the firm earned $0.98 earnings per share. The company’s revenue was up .1% on a year-over-year basis. As a group, equities analysts expect that Wells Fargo & Co will post 4.77 earnings per share for the current year.

Wells Fargo & Co announced that its board has approved a share buyback program on Thursday, June 27th that permits the company to buyback $23.10 billion in shares. This buyback authorization permits the financial services provider to buy up to 11.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

In other Wells Fargo & Co news, insider Petros G. Pelos sold 28,304 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $46.51, for a total value of $1,316,419.04. Following the completion of the transaction, the insider now directly owns 3,066 shares of the company’s stock, valued at $142,599.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.08% of the company’s stock.

A number of large investors have recently made changes to their positions in WFC. Grove Bank & Trust raised its stake in shares of Wells Fargo & Co by 1.5% during the 1st quarter. Grove Bank & Trust now owns 14,701 shares of the financial services provider’s stock worth $710,000 after buying an additional 214 shares during the period. Legacy Bridge LLC raised its stake in shares of Wells Fargo & Co by 1.2% during the 1st quarter. Legacy Bridge LLC now owns 19,206 shares of the financial services provider’s stock worth $928,000 after buying an additional 230 shares during the period. Telos Capital Management Inc. raised its stake in shares of Wells Fargo & Co by 4.3% during the 1st quarter. Telos Capital Management Inc. now owns 5,624 shares of the financial services provider’s stock worth $272,000 after buying an additional 234 shares during the period. Augustine Asset Management Inc. raised its stake in shares of Wells Fargo & Co by 1.6% during the 1st quarter. Augustine Asset Management Inc. now owns 15,182 shares of the financial services provider’s stock worth $733,000 after buying an additional 241 shares during the period. Finally, Brand Asset Management Group Inc. raised its stake in shares of Wells Fargo & Co by 96.8% during the 1st quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock worth $31,000 after buying an additional 242 shares during the period. 75.32% of the stock is owned by institutional investors.

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. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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