Wells Fargo & Company (NYSE:WFC) Rating Increased to Strong-Buy at Phillip Securities

Phillip Securities upgraded shares of Wells Fargo & Company (NYSE:WFC) from a moderate buy rating to a strong-buy rating in a research note issued to investors on Monday morning,Zacks.com reports.

Several other research analysts have also recently commented on the company. Truist Financial cut their price target on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a research note on Monday. Bank of America reduced their target price on Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. JPMorgan Chase & Co. cut their price target on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Raymond James lowered their price target on Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating for the company in a report on Monday. Finally, Barclays cut their price target on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a report on Monday. Six investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.34.

Wells Fargo & Company Trading Up 1.0 %

WFC stock traded up $0.65 during midday trading on Monday, reaching $64.63. 18,930,900 shares of the company's stock traded hands, compared to its average volume of 17,584,163. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The business has a 50-day moving average price of $71.53 and a two-hundred day moving average price of $70.98. The company has a market capitalization of $211.02 billion, a P/E ratio of 12.01, a PEG ratio of 1.18 and a beta of 1.02.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same quarter in the previous year, the business posted $1.20 EPS. The business's quarterly revenue was down 3.4% on a year-over-year basis. Equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 annualized dividend and a dividend yield of 2.48%. Wells Fargo & Company's dividend payout ratio (DPR) is 28.73%.

Institutional Investors Weigh In On Wells Fargo & Company

A number of institutional investors and hedge funds have recently modified their holdings of WFC. Rialto Wealth Management LLC purchased a new stake in Wells Fargo & Company during the fourth quarter valued at about $26,000. Investment Counsel Co. of Nevada acquired a new stake in shares of Wells Fargo & Company in the fourth quarter worth $28,000. BNP Paribas purchased a new position in shares of Wells Fargo & Company during the fourth quarter valued at $28,000. Rakuten Securities Inc. lifted its stake in Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after acquiring an additional 237 shares in the last quarter. Finally, Modus Advisors LLC acquired a new stake in Wells Fargo & Company during the 4th quarter worth about $30,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.