Wells Fargo & Company (NYSE:WFC) Cut to Moderate Buy at Phillip Securities

Phillip Securities downgraded shares of Wells Fargo & Company (NYSE:WFC) from a strong-buy rating to a moderate buy rating in a report released on Thursday,Zacks.com reports.

A number of other brokerages also recently commented on WFC. JPMorgan Chase & Co. reduced their price objective on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Citigroup reiterated a “neutral” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. TD Cowen began coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They issued a “hold” rating and a $83.00 price objective for the company. Truist Financial raised 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, Evercore ISI restated an “outperform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Nine research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $80.39.

Wells Fargo & Company Stock Up 1.2%

Shares of WFC stock opened at $80.64 on Thursday. The stock’s 50 day simple moving average is $77.14 and its 200 day simple moving average is $74.21. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $83.95. The company has a market capitalization of $262.42 billion, a price-to-earnings ratio of 13.81, a PEG ratio of 1.34 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping 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 company had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same period in the previous year, the company earned $1.33 earnings per share. The company’s quarterly revenue was up .6% compared to the same quarter last year. As a group, research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were issued a dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 1.98%. Wells Fargo & Company’s payout ratio is presently 27.40%.

Wells Fargo & Company announced that its board has initiated a stock repurchase program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 17.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Wells Fargo & Company

A number of institutional investors have recently bought and sold shares of the business. Brighton Jones LLC grew its position in shares of Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock valued at $4,652,000 after purchasing an additional 25,436 shares during the last quarter. Proficio Capital Partners LLC grew its position in shares of Wells Fargo & Company by 53.5% in the fourth quarter. Proficio Capital Partners LLC now owns 9,855 shares of the financial services provider’s stock valued at $692,000 after purchasing an additional 3,436 shares during the last quarter. Madison Investment Advisors LLC acquired a new position in shares of Wells Fargo & Company in the fourth quarter valued at approximately $2,921,000. Atlas Wealth LLC acquired a new position in shares of Wells Fargo & Company in the fourth quarter valued at approximately $739,000. Finally, Washington Trust Bank grew its position in shares of Wells Fargo & Company by 16.7% in the fourth quarter. Washington Trust Bank now owns 18,359 shares of the financial services provider’s stock valued at $1,290,000 after purchasing an additional 2,622 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Company Profile

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.