Wells Fargo & Company (NYSE:WFC) Receives $75.34 Average Price Target from Brokerages

Wells Fargo & Company (NYSE:WFC) has received a consensus rating of "Moderate Buy" from the nineteen brokerages that are currently covering the firm, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation, twelve have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $75.34.

Several analysts have weighed in on the company. Morgan Stanley boosted their price objective on Wells Fargo & Company from $79.00 to $80.00 and gave the company an "overweight" rating in a research report on Monday, April 7th. Keefe, Bruyette & Woods upped their target price on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a "market perform" rating in a research note on Thursday, January 16th. Truist Financial lowered their price target on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a report on Monday. Royal Bank of Canada raised shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target on the stock in a report on Thursday, March 13th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd.

Hedge Funds Weigh In On Wells Fargo & Company

A number of hedge funds have recently made changes to their positions in the stock. Morse Asset Management Inc purchased a new position in shares of Wells Fargo & Company in the 3rd quarter valued at approximately $487,000. Tudor Financial Inc. acquired a new stake in Wells Fargo & Company during the third quarter worth about $468,000. Anchor Investment Management LLC lifted its stake in shares of Wells Fargo & Company by 5.5% during the third quarter. Anchor Investment Management LLC now owns 15,903 shares of the financial services provider's stock worth $898,000 after purchasing an additional 836 shares in the last quarter. World Investment Advisors LLC grew its holdings in Wells Fargo & Company by 1,263.8% during the 3rd quarter. World Investment Advisors LLC now owns 75,432 shares of the financial services provider's stock valued at $4,261,000 after purchasing an additional 69,901 shares in the last quarter. Finally, Tidal Investments LLC grew its position in shares of Wells Fargo & Company by 4.5% during the third quarter. Tidal Investments LLC now owns 138,813 shares of the financial services provider's stock worth $7,842,000 after buying an additional 5,946 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

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Wells Fargo & Company Stock Performance

Shares of NYSE WFC traded up $1.48 during midday trading on Tuesday, hitting $64.58. The company's stock had a trading volume of 19,922,735 shares, compared to its average volume of 17,644,220. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50. The firm has a market capitalization of $210.87 billion, a price-to-earnings ratio of 12.00, a P/E/G ratio of 1.18 and a beta of 1.02. The stock has a fifty day moving average price of $72.49 and a 200 day moving average price of $71.02.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced 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. The business had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company's quarterly revenue was down 3.4% on a year-over-year basis. During the same period last year, the firm posted $1.20 earnings per share. On average, research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 2.48%. Wells Fargo & Company's payout ratio is presently 28.73%.

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.