Is Wells Fargo & Company (WFC) a Buy? The Stock Reaches 52-Week High Today

January 18, 2018 - By Jan Rainey

Investors sentiment decreased to 0.73 in 2017 Q3. Its down 0.15, from 0.88 in 2017Q2. It dropped, as 92 investors sold Wells Fargo & Company shares while 725 reduced holdings. 103 funds opened positions while 495 raised stakes. 3.65 billion shares or 0.40% less from 3.66 billion shares in 2017Q2 were reported.
Voya Management Ltd Liability Corp accumulated 5.63M shares or 0.67% of the stock. Gulf Intll National Bank (Uk) owns 1.50M shares for 1.12% of their portfolio. Northwest Invest Counselors Limited Liability has invested 1.08% in Wells Fargo & Company (NYSE:WFC). Milestone Grp accumulated 0.06% or 6,539 shares. Bkd Wealth Advisors Ltd Llc owns 0.27% invested in Wells Fargo & Company (NYSE:WFC) for 44,600 shares. Signalpoint Asset Mgmt Ltd reported 0.44% in Wells Fargo & Company (NYSE:WFC). Merriman Wealth Mngmt Limited Liability has 4,065 shares for 0.05% of their portfolio. Pictet Asset Limited invested in 0.44% or 2.82 million shares. Ims Cap reported 0.15% stake. Moreover, Yacktman Asset Management L P has 1.05% invested in Wells Fargo & Company (NYSE:WFC) for 1.97M shares. Cna Financial invested in 0.46% or 32,770 shares. City Hldgs invested in 59,159 shares. Kcm Investment Advsrs Lc accumulated 632,425 shares or 2.13% of the stock. Eagle Global Advsr Ltd Liability Co reported 119,089 shares. Argent Tru holds 1.19% or 78,678 shares.

The stock of Wells Fargo & Company (NYSE:WFC) hit a new 52-week high and has $69.78 target or 9.00 % above today’s $64.02 share price. The 9 months bullish chart indicates low risk for the $315.27B company. The 1-year high was reported on Jan, 18 by Barchart.com. If the $69.78 price target is reached, the company will be worth $28.37 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock.

The stock increased 0.23% or $0.14 during the last trading session, reaching $64.02. About 8.10M shares traded. Wells Fargo & Company (NYSE:WFC) has risen 9.67% since January 18, 2017 and is uptrending. It has underperformed by 7.03% the S&P500.

Wells Fargo & Company (NYSE:WFC) Ratings Coverage

Among 36 analysts covering Wells Fargo & Company (NYSE:WFC), 17 have Buy rating, 5 Sell and 14 Hold. Therefore 47% are positive. Wells Fargo & Company had 118 analyst reports since July 29, 2015 according to SRatingsIntel. The firm has “Underperform” rating by Raymond James given on Tuesday, October 4. BMO Capital Markets maintained the shares of WFC in report on Sunday, July 30 with “Hold” rating. The stock of Wells Fargo & Company (NYSE:WFC) has “Outperform” rating given on Monday, September 19 by Robert W. Baird. The stock of Wells Fargo & Company (NYSE:WFC) has “Underweight” rating given on Friday, April 15 by Piper Jaffray. RBC Capital Markets maintained the stock with “Buy” rating in Friday, October 6 report. The rating was downgraded by Rafferty on Wednesday, April 12 to “Sell”. Jefferies maintained the stock with “Hold” rating in Friday, August 11 report. The stock of Wells Fargo & Company (NYSE:WFC) has “Sell” rating given on Friday, July 21 by Berenberg. As per Thursday, January 4, the company rating was upgraded by Goldman Sachs. JP Morgan upgraded Wells Fargo & Company (NYSE:WFC) on Friday, October 9 to “Overweight” rating.

More notable recent Wells Fargo & Company (NYSE:WFC) news were published by: Forbes.com which released: “Earnings Preview: What To Expect From Wells Fargo On Friday” on January 10, 2018, also Seekingalpha.com with their article: “Wells Fargo: Down, But Not Out” published on January 08, 2018, Fool.com published: “What to Expect From Wells Fargo & Company in 2018” on December 29, 2017. More interesting news about Wells Fargo & Company (NYSE:WFC) were released by: Reuters.com and their article: “Wells Fargo wants to finance metal trade in test of new rule” published on December 20, 2017 as well as Bloomberg.com‘s news article titled: “Wells Fargo Risk Officer Michael Loughlin to Depart After Bank Scandals” with publication date: January 17, 2018.

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company has market cap of $315.27 billion. The Company’s Community Banking segment offers checking, savings, market rate, and individual retirement accounts, as well as time deposits and remittances; and lines of credit, automobile floor plan lines, equity lines and loans, equipment and transportation loans, education and residential mortgage loans, and debit and credit cards. It has a 15.62 P/E ratio. This segment also provides equipment leases, real estate and other commercial financing, small business administration financing, venture capital financing, cash management, payroll services, retirement plans, merchant payment processing, and private label financing solutions, as well as purchases retail installment contracts.

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