Wells Fargo & Co (NYSE:WFC) Downgraded by Raymond James to “Underperform”

Raymond James downgraded shares of Wells Fargo & Co (NYSE:WFC) from a market perform rating to an underperform rating in a research note released on Monday, Benzinga reports.

WFC has been the topic of several other research reports. UBS Group cut shares of Wells Fargo & Co from a buy rating to a neutral rating and lowered their target price for the company from $51.00 to $49.00 in a research note on Tuesday, September 10th. Argus upgraded shares of Wells Fargo & Co from a hold rating to a buy rating and set a $60.00 target price on the stock in a research note on Monday, September 30th. Odeon Capital Group cut shares of Wells Fargo & Co from a buy rating to a hold rating in a research note on Tuesday, October 22nd. BMO Capital Markets lowered their target price on shares of Wells Fargo & Co from $59.00 to $57.00 and set a market perform rating on the stock in a research note on Wednesday, October 16th. Finally, Bank of America set a $50.00 target price on shares of Wells Fargo & Co and gave the company a hold rating in a research note on Monday, September 30th. Five research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $49.75.

WFC opened at $53.62 on Monday. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a market capitalization of $230.33 billion, a P/E ratio of 12.24, a P/E/G ratio of 1.13 and a beta of 1.12. The company’s 50-day simple moving average is $52.62 and its two-hundred day simple moving average is $48.34. Wells Fargo & Co has a 52-week low of $43.02 and a 52-week high of $55.04.

Wells Fargo & Co (NYSE:WFC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.15 by ($0.23). The company had revenue of $22.01 billion for the quarter, compared to the consensus estimate of $21.32 billion. Wells Fargo & Co had a net margin of 21.67% and a return on equity of 13.01%. Wells Fargo & Co’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.13 EPS. Research analysts forecast that Wells Fargo & Co will post 4.5 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 3.80%. The ex-dividend date of this dividend was Thursday, November 7th. Wells Fargo & Co’s payout ratio is currently 46.58%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Horan Capital Advisors LLC. purchased a new stake in Wells Fargo & Co in the 3rd quarter worth approximately $25,000. Next Capital Management LLC purchased a new stake in Wells Fargo & Co in the 2nd quarter worth approximately $32,000. NuWave Investment Management LLC increased its holdings in Wells Fargo & Co by 122.3% in the 3rd quarter. NuWave Investment Management LLC now owns 798 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 439 shares in the last quarter. MV Capital Management Inc. increased its holdings in Wells Fargo & Co by 49.3% in the 3rd quarter. MV Capital Management Inc. now owns 803 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 265 shares in the last quarter. Finally, Venturi Wealth Management LLC purchased a new stake in Wells Fargo & Co in the 3rd quarter worth approximately $42,000. 75.45% of the stock is owned by hedge funds and other 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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Analyst Recommendations for Wells Fargo & Co (NYSE:WFC)

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