Wells Fargo & Company (NYSE:WFC) Stock Price Expected to Rise, Truist Financial Analyst Says

Wells Fargo & Company (NYSE:WFC) had its price objective raised by Truist Financial from $86.00 to $88.00 in a research note released on Wednesday morning,Benzinga reports. Truist Financial currently has a buy rating on the financial services provider’s stock.

A number of other brokerages have also issued reports on WFC. Dbs Bank raised shares of Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a report on Thursday, July 17th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Friday, August 22nd. Morgan Stanley lifted their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research note on Wednesday, June 4th. Piper Sandler reaffirmed an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, Cowen reaffirmed a “hold” rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.97.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock opened at $84.18 on Wednesday. The firm has a market cap of $269.65 billion, a PE ratio of 14.41, a price-to-earnings-growth ratio of 1.30 and a beta of 1.25. Wells Fargo & Company has a 12-month low of $53.31 and a 12-month high of $86.65. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The company’s fifty day simple moving average is $80.66 and its two-hundred day simple moving average is $75.62.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company’s revenue was up .6% on a year-over-year basis. During the same quarter last year, the firm earned $1.33 EPS. As a group, equities analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.1%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company’s dividend payout ratio is presently 30.82%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Accretive Wealth Partners LLC purchased a new position in Wells Fargo & Company in the first quarter worth about $399,000. Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in Wells Fargo & Company by 10.4% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider’s stock worth $54,471,000 after buying an additional 71,740 shares during the last quarter. Secured Retirement Advisors LLC purchased a new position in Wells Fargo & Company in the first quarter worth about $408,000. RKL Wealth Management LLC raised its holdings in Wells Fargo & Company by 166.4% in the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock worth $588,000 after buying an additional 5,113 shares during the last quarter. Finally, Allianz SE raised its holdings in Wells Fargo & Company by 22.6% in the first quarter. Allianz SE now owns 212,335 shares of the financial services provider’s stock worth $15,244,000 after buying an additional 39,150 shares during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

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.