Wells Fargo & Co (NYSE:WFC) has been assigned a $46.00 price objective by Piper Jaffray Companies in a research note issued to investors on Monday, TipRanks reports. The brokerage currently has a “hold” rating on the financial services provider’s stock. Piper Jaffray Companies’ target price points to a potential downside of 5.83% from the stock’s previous close. Piper Jaffray Companies also issued estimates for Wells Fargo & Co’s Q3 2019 earnings at $1.14 EPS, Q1 2020 earnings at $1.00 EPS, Q2 2020 earnings at $1.13 EPS, Q3 2020 earnings at $1.32 EPS and FY2020 earnings at $4.65 EPS.

Several other research analysts have also recently issued reports on the company. BMO Capital Markets dropped their target price on Wells Fargo & Co to $59.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 17th. Atlantic Securities downgraded Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price target for the company. in a research note on Tuesday, June 11th. Zacks Investment Research lowered shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price target for the company. in a research report on Thursday, June 27th. UBS Group cut shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $51.00 to $49.00 in a research note on Tuesday. Finally, Buckingham Research lowered their price objective on shares of Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. Five research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the company’s stock. Wells Fargo & Co has an average rating of “Hold” and an average target price of $50.74.

Shares of NYSE WFC traded up $0.54 during midday trading on Monday, hitting $48.85. 18,484,994 shares of the stock traded hands, compared to its average volume of 20,564,305. The firm has a market capitalization of $213.30 billion, a P/E ratio of 11.15, a PEG ratio of 0.94 and a beta of 1.09. Wells Fargo & Co has a one year low of $43.02 and a one year high of $57.39. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.87 and a current ratio of 0.89. The firm has a 50-day moving average of $46.50 and a two-hundred day moving average of $47.26.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $1.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.14. The company had revenue of $21.58 billion during the quarter, compared to analyst estimates of $20.95 billion. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. Wells Fargo & Co’s revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.98 earnings per share. Equities analysts forecast that Wells Fargo & Co will post 4.8 earnings per share for the current fiscal year.

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

A number of institutional investors have recently added to or reduced their stakes in the stock. Brand Asset Management Group Inc. boosted its holdings in Wells Fargo & Co by 96.8% in the 1st quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock worth $31,000 after buying an additional 242 shares during the period. Evolution Wealth Advisors LLC bought a new stake in Wells Fargo & Co during the second quarter valued at about $25,000. Horan Capital Advisors LLC. purchased a new position in shares of Wells Fargo & Co in the first quarter valued at about $27,000. Next Capital Management LLC purchased a new position in shares of Wells Fargo & Co in the second quarter valued at about $32,000. Finally, Financial Gravity Wealth Inc. purchased a new position in shares of Wells Fargo & Co in the first quarter valued at about $37,000. 75.40% of the stock is owned by 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.

Featured Story: What are gap-down stocks?

Analyst Recommendations for Wells Fargo & Co (NYSE:WFC)

Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.