The Goldman Sachs Group Forecasts Strong Price Appreciation for Wells Fargo & Company (NYSE:WFC) Stock

Wells Fargo & Company (NYSE:WFC) had its target price hoisted by The Goldman Sachs Group from $72.00 to $82.00 in a research report report published on Friday morning,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

WFC has been the topic of several other reports. Citigroup lifted their price target on Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research report on Tuesday, September 3rd. Phillip Securities upgraded Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and boosted their price objective for the company from $60.83 to $65.00 in a research report on Tuesday, October 15th. Keefe, Bruyette & Woods boosted their price objective on Wells Fargo & Company from $61.00 to $79.00 and gave the company a “market perform” rating in a research report on Tuesday. Finally, Compass Point boosted their price objective on Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. Thirteen investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $65.47.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $74.33 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The business’s 50 day moving average is $67.02 and its two-hundred day moving average is $60.70. The company has a market cap of $247.48 billion, a P/E ratio of 15.45, a P/E/G ratio of 1.52 and a beta of 1.16. Wells Fargo & Company has a 12 month low of $44.65 and a 12 month high of $78.13.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping the consensus estimate of $1.28 by $0.14. The company 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 12.25% and a net margin of 14.43%. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.39 EPS. On average, equities analysts expect that Wells Fargo & Company will post 5.42 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date of this dividend was Friday, November 8th. Wells Fargo & Company’s dividend payout ratio is currently 33.26%.

Insiders Place Their Bets

In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the business’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $61.99, for a total value of $2,169,650.00. Following the transaction, the executive vice president now owns 126,687 shares of the company’s stock, valued at approximately $7,853,327.13. The trade was a 21.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total value of $3,822,000.00. Following the completion of the transaction, the executive vice president now directly owns 163,610 shares in the company, valued at approximately $10,421,957. This represents a 26.83 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Wells Fargo & Company

Several large investors have recently made changes to their positions in WFC. Mechanics Bank Trust Department lifted its stake in shares of Wells Fargo & Company by 7.5% during the second quarter. Mechanics Bank Trust Department now owns 11,538 shares of the financial services provider’s stock valued at $685,000 after acquiring an additional 800 shares during the period. Sunburst Financial Group LLC acquired a new position in Wells Fargo & Company in the second quarter valued at about $208,000. Czech National Bank lifted its stake in Wells Fargo & Company by 4.9% in the second quarter. Czech National Bank now owns 664,408 shares of the financial services provider’s stock valued at $39,459,000 after buying an additional 31,129 shares during the period. Sapient Capital LLC lifted its stake in Wells Fargo & Company by 3,201.0% in the second quarter. Sapient Capital LLC now owns 328,022 shares of the financial services provider’s stock valued at $19,481,000 after buying an additional 318,085 shares during the period. Finally, Aspire Private Capital LLC lifted its stake in Wells Fargo & Company by 6.5% in the second quarter. Aspire Private Capital LLC now owns 26,791 shares of the financial services provider’s stock valued at $1,591,000 after buying an additional 1,638 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.

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.