Wells Fargo & Company (NYSE:WFC) Receives $60.29 Consensus Price Target from Brokerages

Wells Fargo & Company (NYSE:WFC) has earned an average recommendation of “Hold” from the eighteen ratings firms that are presently covering the stock, Marketbeat Ratings reports. Eleven equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $60.41.

Several research firms have recently issued reports on WFC. Keefe, Bruyette & Woods decreased their price objective on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a report on Monday, July 15th. BMO Capital Markets increased their price objective on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a report on Thursday, July 11th. Evercore ISI increased their target price on shares of Wells Fargo & Company from $65.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday. Jefferies Financial Group lowered shares of Wells Fargo & Company to a “hold” rating and cut their target price for the company from $62.00 to $59.00 in a research note on Friday, August 16th. Finally, Morgan Stanley cut their target price on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research note on Monday.

Institutional Investors Weigh In On Wells Fargo & Company

Hedge funds have recently made changes to their positions in the company. Mattson Financial Services LLC purchased a new stake in Wells Fargo & Company in the 2nd quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL purchased a new stake in Wells Fargo & Company in the 2nd quarter worth approximately $26,000. Core Wealth Advisors Inc. purchased a new stake in Wells Fargo & Company in the 4th quarter worth approximately $25,000. Valued Wealth Advisors LLC lifted its position in Wells Fargo & Company by 53.7% in the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $37,000 after buying an additional 220 shares in the last quarter. Finally, Transcendent Capital Group LLC purchased a new stake in Wells Fargo & Company in the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 0.6 %

Wells Fargo & Company stock opened at $54.98 on Friday. The firm has a 50 day simple moving average of $55.43 and a 200-day simple moving average of $57.76. 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 stock has a market capitalization of $191.68 billion, a PE ratio of 11.29, a price-to-earnings-growth ratio of 1.32 and a beta of 1.16. Wells Fargo & Company has a 12-month low of $38.38 and a 12-month high of $62.55.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.04. The business had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $20.29 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The business’s revenue was up .8% on a year-over-year basis. During the same period last year, the firm posted $1.25 earnings per share. As a group, equities research analysts expect that Wells Fargo & Company will post 5.14 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.91%. The ex-dividend date was Friday, August 9th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s dividend payout ratio is 32.85%.

Wells Fargo & Company Company Profile

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.