Wells Fargo & Company (NYSE:WFC) Price Target Cut to $65.00

Wells Fargo & Company (NYSE:WFC) had its price target trimmed by The Goldman Sachs Group from $68.00 to $65.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

A number of other research analysts have also recently issued reports on the stock. BMO Capital Markets boosted 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. Jefferies Financial Group cut shares of Wells Fargo & Company to a hold rating and lowered their price objective for the company from $62.00 to $59.00 in a research report on Friday, August 16th. Evercore ISI dropped their price objective on Wells Fargo & Company from $67.00 to $65.00 and set an outperform rating on the stock in a research note on Friday, September 6th. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a hold rating to a buy rating and set a $65.00 target price for the company in a research note on Tuesday, September 3rd. Finally, Morgan Stanley raised their price target on Wells Fargo & Company from $64.00 to $68.00 and gave the stock an overweight rating in a research report on Tuesday, July 30th. Twelve 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. According to data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of Hold and a consensus price target of $60.29.

Wells Fargo & Company Stock Up 2.3 %

NYSE:WFC opened at $52.78 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. Wells Fargo & Company has a 12-month low of $38.38 and a 12-month high of $62.55. The stock’s fifty day simple moving average is $56.60 and its 200-day simple moving average is $57.91. The firm has a market capitalization of $179.65 billion, a P/E ratio of 10.84, a P/E/G ratio of 1.27 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.04. The firm had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $20.29 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The company’s revenue was up .8% compared to the same quarter last year. During the same quarter last year, the business earned $1.25 earnings per share. Equities research analysts expect that Wells Fargo & Company will post 5.14 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were given a $0.40 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.03%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s payout ratio is currently 32.85%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of WFC. Slagle Financial LLC raised its stake in shares of Wells Fargo & Company by 97.3% during the 4th quarter. Slagle Financial LLC now owns 138,594 shares of the financial services provider’s stock worth $6,822,000 after purchasing an additional 68,356 shares in the last quarter. Ballentine Partners LLC increased its holdings in shares of Wells Fargo & Company by 5.4% during the 1st quarter. Ballentine Partners LLC now owns 35,785 shares of the financial services provider’s stock worth $2,074,000 after acquiring an additional 1,835 shares during the last quarter. Wedmont Private Capital raised its stake in Wells Fargo & Company by 16.4% in the 1st quarter. Wedmont Private Capital now owns 152,910 shares of the financial services provider’s stock valued at $8,805,000 after acquiring an additional 21,496 shares during the period. Quadrant Capital Group LLC lifted its holdings in Wells Fargo & Company by 61.7% during the 4th quarter. Quadrant Capital Group LLC now owns 41,268 shares of the financial services provider’s stock valued at $2,031,000 after purchasing an additional 15,742 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in Wells Fargo & Company by 28.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 473,444 shares of the financial services provider’s stock worth $27,441,000 after purchasing an additional 106,260 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

About Wells Fargo & Company

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.