JPMorgan Chase & Co. Trims Wells Fargo & Co (NYSE:WFC) Target Price to $47.50

Wells Fargo & Co (NYSE:WFC) had its target price cut by JPMorgan Chase & Co. from $48.50 to $47.50 in a research note released on Tuesday morning, BenzingaRatingsTable reports. They currently have an underweight rating on the financial services provider’s stock.

Other equities research analysts also recently issued research reports about the stock. Bank of America restated a hold rating and issued a $212.00 target price on shares of Goldman Sachs Group in a research note on Monday, April 15th. Deutsche Bank restated a buy rating and issued a $24.00 target price on shares of ABB in a research note on Tuesday, May 21st. Raymond James restated a hold rating on shares of Wells Fargo & Co in a research note on Friday, April 12th. BMO Capital Markets boosted their target price on shares of Citigroup from $92.00 to $93.00 and gave the company an outperform rating in a research note on Monday, April 15th. Finally, Zacks Investment Research downgraded shares of Green Plains from a hold rating to a strong sell rating in a research report on Thursday, June 27th. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $54.12.

Shares of NYSE:WFC opened at $47.14 on Tuesday. Wells Fargo & Co has a 52 week low of $43.02 and a 52 week high of $59.53. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.88 and a quick ratio of 0.87. The firm has a fifty day moving average price of $46.25. The firm has a market cap of $211.91 billion, a P/E ratio of 10.76, a PEG ratio of 0.91 and a beta of 1.08.

Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.12. Wells Fargo & Co had a net margin of 22.59% and a return on equity of 13.37%. The company had revenue of $21.61 billion for the quarter, compared to the consensus estimate of $20.89 billion. During the same quarter in the previous year, the company earned $0.96 EPS. On average, equities research analysts predict that Wells Fargo & Co will post 4.67 earnings per share for the current fiscal year.

Wells Fargo & Co declared that its board has initiated a share repurchase plan on Thursday, June 27th that allows the company to buyback $23.10 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 11.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

In other Wells Fargo & Co news, insider Petros G. Pelos sold 28,304 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $46.51, for a total transaction of $1,316,419.04. Following the transaction, the insider now directly owns 3,066 shares in the company, valued at approximately $142,599.66. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.08% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Daily Journal Corp increased its stake in shares of Wells Fargo & Co by 9,900.0% in the 2nd quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock valued at $75,324,000 after acquiring an additional 157,588,200 shares during the last quarter. Norges Bank bought a new stake in shares of Wells Fargo & Co in the 4th quarter valued at about $2,004,580,000. Standard Life Aberdeen plc increased its stake in shares of Wells Fargo & Co by 75.7% in the 4th quarter. Standard Life Aberdeen plc now owns 6,606,543 shares of the financial services provider’s stock valued at $300,795,000 after acquiring an additional 2,847,214 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Wells Fargo & Co by 4.3% in the 4th quarter. Geode Capital Management LLC now owns 51,636,368 shares of the financial services provider’s stock valued at $2,375,189,000 after acquiring an additional 2,114,810 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. increased its stake in shares of Wells Fargo & Co by 93.6% in the 4th quarter. Los Angeles Capital Management & Equity Research Inc. now owns 3,032,336 shares of the financial services provider’s stock valued at $139,730,000 after acquiring an additional 1,465,860 shares during the last quarter. Institutional investors own 75.35% of the company’s stock.

About Wells Fargo & Co

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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