Wells Fargo & Company (NYSE:WFC) Price Target Raised to $85.00

Wells Fargo & Company (NYSE:WFC) had its price target lifted by Citigroup from $78.00 to $85.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other equities analysts have also commented on WFC. Raymond James Financial reiterated a “strong-buy” rating on shares of Wells Fargo & Company in a research note on Wednesday, June 18th. Barclays dropped their price objective on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. TD Cowen initiated coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They issued a “hold” rating and a $83.00 price objective on the stock. Truist Financial dropped their price objective on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Piper Sandler restated an “overweight” rating and set a $85.00 price target (up from $75.00) on shares of Wells Fargo & Company in a research note on Wednesday, June 4th. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $78.33.

Wells Fargo & Company Trading Up 1.2%

Wells Fargo & Company stock opened at $83.32 on Wednesday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. The business’s 50-day simple moving average is $75.34 and its 200-day simple moving average is $73.44. The firm has a market capitalization of $271.12 billion, a PE ratio of 14.96, a PEG ratio of 1.40 and a beta of 1.16. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $83.95.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.16. The business had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.20 earnings per share. Equities research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company declared that its Board of Directors has initiated a share buyback plan on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is 28.73%.

Institutional Investors Weigh In On Wells Fargo & Company

Several institutional investors and hedge funds have recently made changes to their positions in the company. Shakespeare Wealth Management LLC increased its position in shares of Wells Fargo & Company by 0.9% during the 4th quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider’s stock worth $972,000 after purchasing an additional 130 shares in the last quarter. Safeguard Investment Advisory Group LLC increased its position in shares of Wells Fargo & Company by 2.4% during the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider’s stock worth $410,000 after purchasing an additional 137 shares in the last quarter. Summit Wealth & Retirement Planning Inc. increased its position in shares of Wells Fargo & Company by 4.3% during the 1st quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider’s stock worth $241,000 after purchasing an additional 139 shares in the last quarter. Nwam LLC increased its position in shares of Wells Fargo & Company by 1.6% during the 1st quarter. Nwam LLC now owns 8,806 shares of the financial services provider’s stock worth $632,000 after purchasing an additional 142 shares in the last quarter. Finally, PGIM Custom Harvest LLC increased its position in shares of Wells Fargo & Company by 3.5% during the 1st quarter. PGIM Custom Harvest LLC now owns 4,225 shares of the financial services provider’s stock worth $303,000 after purchasing an additional 142 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

About Wells Fargo & Company

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.