Piper Jaffray Remains a Hold on Wells Fargo

By Carrie Williams

Piper Jaffray analyst Kevin Barker reiterated a Hold rating on Wells Fargo (NYSE: WFC) yesterday and set a price target of $58. The company’s shares closed on Friday at $50.89, close to its 52-week low of $49.27.

According to TipRanks.com, Barker is a 5-star analyst with an average return of 9.1% and a 66.5% success rate. Barker covers the Financial sector, focusing on stocks such as Huntington Bancshares Inc, Santander Consumer USA, and Capital One Financial.

Currently, the analyst consensus on Wells Fargo is Hold and the average price target is $61.46, representing a 20.8% upside.

In a report issued on April 4, KBW also reiterated a Hold rating on the stock with a $57 price target.

Based on Wells Fargo’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $25.42 billion and quarterly net profit of $5.94 billion. In comparison, last year the company earned revenue of $25.77 billion and had a net profit of $5.46 billion.

Based on the recent corporate insider activity of 84 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of WFC in relation to earlier this year. Last month, Lloyd Dean, a Director at WFC bought 4,793 shares for a total of $274,687.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.