Piper Sandler Lowers Wells Fargo & Company (NYSE:WFC) Price Target to $75.00

Wells Fargo & Company (NYSE:WFC) had its price target reduced by Piper Sandler from $77.00 to $75.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an overweight rating on the financial services provider's stock.

Several other analysts have also issued reports on WFC. Citigroup lowered their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a research report on Monday, March 24th. Keefe, Bruyette & Woods lifted their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the company a "market perform" rating in a report on Thursday, January 16th. JPMorgan Chase & Co. cut their price objective on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Truist Financial decreased their price target on shares of Wells Fargo & Company from $86.00 to $84.00 and set a "buy" rating on the stock in a report on Friday, April 4th. Finally, Barclays upped their target price on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an "overweight" rating in a research report on Thursday, January 16th. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.34.

Wells Fargo & Company Stock Up 1.0 %

Wells Fargo & Company stock traded up $0.65 during midday trading on Monday, hitting $64.63. 18,930,900 shares of the stock were exchanged, compared to its average volume of 17,611,591. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. The business's 50-day moving average price is $71.53 and its 200-day moving average price is $70.98. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $211.02 billion, a price-to-earnings ratio of 12.01, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates 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 firm had revenue of $20.15 billion for the quarter, compared to analysts' expectations of $20.82 billion. During the same period in the previous year, the company earned $1.20 earnings per share. The company's quarterly revenue was down 3.4% on a year-over-year basis. On average, research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Investors 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 yield of 2.48%. Wells Fargo & Company's dividend payout ratio (DPR) is 28.73%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $3,365,658,000. Northern Trust Corp grew its holdings in Wells Fargo & Company by 10.7% during the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock valued at $2,411,992,000 after buying an additional 3,307,855 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Wells Fargo & Company by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 20,369,222 shares of the financial services provider's stock worth $1,430,742,000 after acquiring an additional 238,131 shares during the last quarter. Capital Research Global Investors grew its stake in Wells Fargo & Company by 932.0% during the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock valued at $1,105,218,000 after acquiring an additional 14,210,193 shares in the last quarter. Finally, Capital World Investors boosted its stake in Wells Fargo & Company by 0.4% during the fourth quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider's stock valued at $977,338,000 after buying an additional 62,099 shares during the last quarter. Institutional investors 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.