Wells Fargo & Company (NYSE:WFC) Given New $60.00 Price Target at Compass Point

Wells Fargo & Company (NYSE:WFC) had its price objective raised by Compass Point from $57.00 to $60.00 in a research report report published on Tuesday, 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 stock. Jefferies Financial Group cut shares of Wells Fargo & Company to a hold rating and decreased their target price for the company from $62.00 to $59.00 in a research note on Friday, August 16th. Phillip Securities raised shares of Wells Fargo & Company from a neutral rating to an accumulate rating and lifted their price objective for the company from $60.83 to $65.00 in a research report on Tuesday. Royal Bank of Canada reaffirmed a sector perform rating and issued a $61.00 target price on shares of Wells Fargo & Company in a report on Monday. Piper Sandler lifted their price target on Wells Fargo & Company from $60.00 to $62.00 and gave the stock a neutral rating in a report on Monday. Finally, Morgan Stanley dropped their price objective on Wells Fargo & Company from $68.00 to $67.00 and set an overweight rating on the stock in a research note on Monday, September 30th. Thirteen research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $61.82.

Wells Fargo & Company Stock Up 1.4 %

Shares of Wells Fargo & Company stock traded up $0.88 during trading hours on Tuesday, reaching $63.04. 24,687,186 shares of the company's stock were exchanged, compared to its average volume of 18,081,809. The stock has a market cap of $219.78 billion, a P/E ratio of 13.07, a P/E/G ratio of 1.46 and a beta of 1.16. The company has a 50 day moving average of $55.59 and a two-hundred day moving average of $57.82. 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 has a fifty-two week low of $38.58 and a fifty-two week high of $63.82.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.14. The business had revenue of $20.37 billion for the quarter, compared to analyst estimates of $20.40 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. Wells Fargo & Company's revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.39 earnings per share. On average, sell-side analysts forecast that Wells Fargo & Company will post 5.12 EPS 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 paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, August 9th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 2.54%. Wells Fargo & Company's payout ratio is 32.85%.

Institutional Trading of Wells Fargo & Company

Several large investors have recently modified their holdings of WFC. Dimensional Fund Advisors LP grew its holdings in 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 purchasing an additional 831,975 shares during the period. 1832 Asset Management L.P. increased its position in Wells Fargo & Company by 67.1% in the 1st quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider's stock valued at $339,226,000 after buying an additional 2,349,595 shares in the last quarter. First Pacific Advisors LP raised its stake 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 buying an additional 108,480 shares during the period. Canada Pension Plan Investment Board raised its stake in Wells Fargo & Company by 38.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,131,320 shares of the financial services provider's stock worth $297,411,000 after buying an additional 1,415,647 shares during the period. Finally, Russell Investments Group Ltd. boosted its holdings in 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 acquiring an additional 48,419 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

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.