Wells Fargo & Company (NYSE:WFC) Downgraded by Wall Street Zen to Sell

Wells Fargo & Company (NYSE:WFC) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday.

Other analysts have also issued research reports about the stock. Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Barclays reduced their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Morgan Stanley increased their price objective on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 4th. Truist Financial boosted their target price on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Wells Fargo & Company has an average rating of "Moderate Buy" and a consensus price target of $80.39.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $84.25 on Friday. The business's fifty day moving average is $77.86 and its 200 day moving average is $74.59. The firm has a market cap of $274.15 billion, a price-to-earnings ratio of 14.43, a PEG ratio of 1.30 and a beta of 1.16. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%. The business had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same quarter in the previous year, the firm earned $1.33 EPS. The company's quarterly revenue was up .6% compared to the same quarter last year. Research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced that its board has authorized a share repurchase plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.

Institutional Investors Weigh In On Wells Fargo & Company

Several institutional investors have recently bought and sold shares of the stock. Wealth Management Partners LLC raised its stake in shares of Wells Fargo & Company by 3.5% during the second quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider's stock valued at $313,000 after acquiring an additional 128 shares during the last quarter. Verum Partners LLC increased its holdings in Wells Fargo & Company by 1.8% during the 2nd quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider's stock valued at $582,000 after purchasing an additional 128 shares during the period. Motive Wealth Advisors raised its position in Wells Fargo & Company by 3.7% during the 2nd quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider's stock valued at $293,000 after purchasing an additional 129 shares during the last quarter. Shakespeare Wealth Management LLC lifted its holdings in Wells Fargo & Company by 0.9% in the 4th quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider's stock worth $972,000 after buying an additional 130 shares during the period. Finally, Vivid Wealth Management LLC grew its position in shares of Wells Fargo & Company by 0.8% in the 2nd quarter. Vivid Wealth Management LLC now owns 17,243 shares of the financial services provider's stock worth $1,381,000 after buying an additional 133 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

About Wells Fargo & Company

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.

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