Wells Fargo & Company (NYSE:WFC) Price Target Raised to $60.00

Wells Fargo & Company (NYSE:WFC) had its price objective raised by Compass Point from $57.00 to $60.00 in a research note published on Tuesday, Benzinga reports. Compass Point currently has a neutral rating on the financial services provider’s stock.

Other equities research analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a hold rating to a buy rating and set a $65.00 price objective for the company in a research note on Tuesday, September 3rd. Phillip Securities upgraded Wells Fargo & Company from a neutral rating to an accumulate rating and upped their price target for the stock from $60.83 to $65.00 in a research note on Tuesday. The Goldman Sachs Group cut their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a buy rating on the stock in a research note on Wednesday, September 11th. Piper Sandler upped their target price on Wells Fargo & Company from $60.00 to $62.00 and gave the stock a neutral rating in a research report on Monday. Finally, Jefferies Financial Group lowered shares of Wells Fargo & Company to a hold rating and dropped their price target for the company from $62.00 to $59.00 in a research report on Friday, August 16th. Thirteen research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $61.82.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $63.04 on Tuesday. Wells Fargo & Company has a fifty-two week low of $38.58 and a fifty-two week high of $63.82. The stock’s 50-day moving average is $55.81 and its two-hundred day moving average is $57.86. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85. The firm has a market cap of $219.78 billion, a P/E ratio of 12.94, a PEG ratio of 1.46 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. The firm had revenue of $20.37 billion for the quarter, compared to the consensus estimate of $20.40 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The firm’s revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.39 earnings per share. Analysts predict that Wells Fargo & Company will post 5.12 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.54%. The ex-dividend date was Friday, August 9th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s payout ratio is 32.85%.

Insider Transactions at Wells Fargo & Company

In related news, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $61.99, for a total value of $2,169,650.00. Following the sale, the executive vice president now owns 126,687 shares of the company’s stock, valued at $7,853,327.13. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.08% of the stock is owned by insiders.

Institutional Investors Weigh In On Wells Fargo & Company

Several large investors have recently modified their holdings of the stock. Cardinal Capital Management Inc. grew its position in Wells Fargo & Company by 2.0% in the third quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock valued at $32,505,000 after acquiring an additional 11,037 shares during the period. Ballentine Partners LLC increased its holdings in shares of Wells Fargo & Company by 5.4% during the first quarter. Ballentine Partners LLC now owns 35,785 shares of the financial services provider’s stock worth $2,074,000 after buying an additional 1,835 shares in the last quarter. Wedmont Private Capital raised its stake in shares of Wells Fargo & Company by 16.4% in the first quarter. Wedmont Private Capital now owns 152,910 shares of the financial services provider’s stock valued at $8,805,000 after acquiring an additional 21,496 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Wells Fargo & Company by 28.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 473,444 shares of the financial services provider’s stock worth $27,441,000 after acquiring an additional 106,260 shares during the last quarter. Finally, FORVIS Wealth Advisors LLC grew its position in Wells Fargo & Company by 154.2% during the 1st quarter. FORVIS Wealth Advisors LLC now owns 27,222 shares of the financial services provider’s stock worth $1,578,000 after acquiring an additional 16,515 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.