Wells Fargo & Company (NYSE:WFC) Given New $65.00 Price Target at Evercore ISI

Wells Fargo & Company (NYSE:WFC) had its price objective trimmed by Evercore ISI from $67.00 to $65.00 in a research note released on Friday, Marketbeat.com reports. The firm currently has an outperform rating on the financial services provider’s stock.

Other research analysts also recently issued research reports about the company. Keefe, Bruyette & Woods cut their price target on Wells Fargo & Company from $62.00 to $61.00 and set a market perform rating on the stock in a research note on Monday, July 15th. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a hold rating to a buy rating and set a $65.00 target price on the stock in a research note on Tuesday. Jefferies Financial Group cut Wells Fargo & Company to a hold rating and reduced their target price for the stock from $62.00 to $59.00 in a report on Friday, August 16th. Morgan Stanley upped their price target on Wells Fargo & Company from $64.00 to $68.00 and gave the company an overweight rating in a research note on Tuesday, July 30th. Finally, BMO Capital Markets increased their target price on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the stock a market perform rating in a report on Thursday, July 11th. Twelve analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $60.29.

Wells Fargo & Company Trading Down 5.0 %

Shares of NYSE WFC opened at $54.01 on Friday. Wells Fargo & Company has a 1-year low of $38.38 and a 1-year high of $62.55. The company has a 50-day moving average of $57.31 and a two-hundred day moving average of $57.88. The company has a market cap of $188.30 billion, a PE ratio of 11.09, a P/E/G ratio of 1.43 and a beta of 1.16. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11.

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 for the quarter, topping the consensus estimate of $1.29 by $0.04. The firm 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%. Wells Fargo & Company’s revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.25 EPS. As a group, equities analysts expect that Wells Fargo & Company will post 5.15 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend 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 presently 32.85%.

Hedge Funds Weigh In On Wells Fargo & Company

A number of institutional investors have recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL acquired a new position in shares of Wells Fargo & Company during the 2nd quarter worth about $26,000. Core Wealth Advisors Inc. bought a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $25,000. Valued Wealth Advisors LLC lifted its position in shares of Wells Fargo & Company by 53.7% in the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $37,000 after buying an additional 220 shares during the last quarter. Transcendent Capital Group LLC bought a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $32,000. Finally, Atlantic Edge Private Wealth Management LLC bought a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $34,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

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.