Wells Fargo Receives a Hold from BMO Capital

By Carrie Williams

BMO Capital analyst James Fotheringham reiterated a Hold rating on Wells Fargo (NYSE: WFC) yesterday and set a price target of $49. The company’s shares closed on Friday at $53.30.

According to TipRanks.com, Fotheringham is a 5-star analyst with an average return of 14.7% and a 80.6% success rate. Fotheringham covers the Financial sector, focusing on stocks such as Discover Financial Services, Goldman Sachs Group Inc, and Apollo Investment Corp.

Currently, the analyst consensus on Wells Fargo is Hold and the average price target is $54.89, representing a 3.0% upside.

In a report issued on July 28, Piper Jaffray also reiterated a Hold rating on the stock with a $52 price target.

Based on Wells Fargo’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $24.82 billion and quarterly net profit of $5.81 billion. In comparison, last year the company earned revenue of $23.89 billion and had a net profit of $5.56 billion.

Based on the recent corporate insider activity of 83 insiders, corporate insider sentiment is negative on the stock.

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