According to a report by Reuters on Friday, Wells Fargo & Co shareholders were suggested to support all nominees to the banks board at the annual meeting scheduled on April 24th.
Wells Fargo’s shares closed lower for the second time in the past seven trading sessions on Friday. The stock went down 1.93% ($1.03) to $52.23, with the intraday high and the intraday low being at $52.92 and $51.98 respectively.
In the week ended on April 8th the shares of the third-largest bank by assets in the United States lost 0.34% of their market value compared to a week ago, which marked the third drop out of five weeks. Yet, it has been the smallest rate of decrease since the week ended on January 14th.
Proxy advisory company Institutional Shareholder Services (ISS) also recommended that the banks shareholders support a proposal regarding a reduction of the ownership threshold for shareholders, which allows them to call a special meeting.
According to ISS, incumbent board nominees prior to 2017 should receive “cautionary support”, while votes in favor of all new nominees to the board are justified.
Wells Fargo & Co shareholders were also advised not to support a proposal about reforming executive compensation policy with social responsibility.
According to CNN Money, the 29 analysts, offering 12-month forecasts regarding Wells Fargo’s stock price, have a median target of $69.00, with a high estimate of $79.00 and a low estimate of $35.00. The median estimate is a 32.11% surge compared to the closing price of $52.23 on April 6th.
The same media also reported that 14 out of 33 surveyed investment analysts had rated Wells Fargo’s stock as “Buy”, while 13 – as “Hold”. On the other hand, 3 analysts had recommended selling the stock.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
