Wells Fargo & Company (NYSE:WFC) Price Target Increased to $60.00 by Analysts at Compass Point

Wells Fargo & Company (NYSE:WFC) had its price objective increased by Compass Point from $57.00 to $60.00 in a research report report published on Tuesday morning, Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

Other equities analysts have also recently issued reports about the company. Piper Sandler raised their price objective on Wells Fargo & Company from $60.00 to $62.00 and gave the stock a neutral rating in a research note on Monday. Phillip Securities raised shares of Wells Fargo & Company from a neutral rating to an accumulate rating and lifted their price target for the company from $60.83 to $65.00 in a report on Tuesday. Evercore ISI boosted their price objective on shares of Wells Fargo & Company from $68.00 to $71.00 and gave the company an outperform rating in a research report on Monday. BMO Capital Markets raised 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. Finally, Keefe, Bruyette & Woods lowered their target price on 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. Thirteen research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $61.82.

Wells Fargo & Company Trading Up 1.4 %

NYSE:WFC opened at $63.04 on Tuesday. The stock has a market cap of $219.78 billion, a price-to-earnings ratio of 12.94, a price-to-earnings-growth ratio of 1.46 and a beta of 1.16. Wells Fargo & Company has a one year low of $38.58 and a one year high of $63.82. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. The business’s 50-day simple moving average is $55.81 and its 200 day simple moving average is $57.86.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The business had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. During the same period last year, the firm earned $1.39 earnings per share. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, sell-side analysts predict that Wells Fargo & Company will post 5.12 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were given a $0.40 dividend. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.60 annualized dividend and a yield of 2.54%. Wells Fargo & Company’s payout ratio is 32.85%.

Insider Activity

In other 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 transaction of $2,169,650.00. Following the sale, the executive vice president now directly owns 126,687 shares of the company’s stock, valued at $7,853,327.13. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Wells Fargo & Company

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its position in shares of Wells Fargo & Company by 4.4% in the second quarter. Dimensional Fund Advisors LP now owns 19,848,290 shares of the financial services provider’s stock worth $1,178,591,000 after buying an additional 831,975 shares during the period. 1832 Asset Management L.P. boosted its position in Wells Fargo & Company by 67.1% during the 1st quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock worth $339,226,000 after acquiring an additional 2,349,595 shares during the period. First Pacific Advisors LP boosted its position in Wells Fargo & Company by 2.1% during the 2nd quarter. First Pacific Advisors LP now owns 5,278,666 shares of the financial services provider’s stock worth $313,500,000 after acquiring an additional 108,480 shares during the period. Canada Pension Plan Investment Board increased its holdings in shares of Wells Fargo & Company by 38.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 5,131,320 shares of the financial services provider’s stock valued at $297,411,000 after purchasing an additional 1,415,647 shares during the period. Finally, Russell Investments Group Ltd. lifted its position in shares of Wells Fargo & Company by 1.0% in the first quarter. Russell Investments Group Ltd. now owns 4,662,953 shares of the financial services provider’s stock worth $270,035,000 after purchasing an additional 48,419 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

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.