Wells Fargo & Co (NYSE:WFC) Downgraded by Bank of America to “Neutral”

Wells Fargo & Co (NYSE:WFC) was downgraded by stock analysts at Bank of America from a “buy” rating to a “neutral” rating in a research report issued on Monday, April 15th, MarketBeat Ratings reports.

Several other equities research analysts have also issued reports on WFC. ValuEngine upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Tuesday, March 19th. Zacks Investment Research lowered shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a research report on Monday, December 17th. Buckingham Research lowered shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and dropped their target price for the company from $65.00 to $53.00 in a research report on Monday, April 15th. Raymond James reissued a “hold” rating on shares of Wells Fargo & Co in a research note on Friday, April 12th. Finally, Keefe, Bruyette & Woods downgraded shares of Wells Fargo & Co from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $58.00 to $50.00 in a research note on Sunday, March 31st. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $56.35.

Shares of WFC stock traded up $0.41 during trading hours on Monday, reaching $47.15. The stock had a trading volume of 19,822,831 shares, compared to its average volume of 21,993,313. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 1.35. Wells Fargo & Co has a 12 month low of $43.02 and a 12 month high of $59.53. The firm has a market capitalization of $229.25 billion, a P/E ratio of 10.76, a price-to-earnings-growth ratio of 0.92 and a beta of 1.09.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $20.89 billion. During the same period last year, the business earned $0.96 earnings per share. Sell-side analysts predict that Wells Fargo & Co will post 4.75 EPS for the current year.

Hedge funds have recently made changes to their positions in the company. Olstein Capital Management L.P. raised its position in Wells Fargo & Co by 3.6% in the 4th quarter. Olstein Capital Management L.P. now owns 142,900 shares of the financial services provider’s stock worth $6,585,000 after buying an additional 4,900 shares during the last quarter. Summit Wealth & Retirement Planning Inc. purchased a new position in Wells Fargo & Co in the 4th quarter worth about $273,000. Commonwealth Bank of Australia raised its position in Wells Fargo & Co by 12.8% in the 4th quarter. Commonwealth Bank of Australia now owns 873,051 shares of the financial services provider’s stock worth $40,225,000 after buying an additional 99,250 shares during the last quarter. M3F Inc. purchased a new position in Wells Fargo & Co in the 4th quarter worth about $4,631,000. Finally, Ruggie Capital Group purchased a new position in Wells Fargo & Co in the 4th quarter worth about $80,000. Hedge funds and other institutional investors own 72.13% of the company’s stock.

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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