Wells Fargo & Company (NYSE:WFC) Trading 2.8% Higher After Analyst Upgrade

Wells Fargo & Company (NYSE:WFC)'s stock price rose 2.8% during trading on Tuesday after Piper Sandler upgraded the stock from a neutral rating to an overweight rating. Piper Sandler now has a $77.00 price target on the stock. Wells Fargo & Company traded as high as $65.63 and last traded at $63.89. Approximately 6,098,744 shares were traded during trading, a decline of 65% from the average daily volume of 17,310,078 shares. The stock had previously closed at $62.17.

WFC has been the topic of a number of other research reports. Citigroup dropped 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 note on Monday, March 24th. Compass Point increased their price target on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the company a "neutral" rating in a report on Tuesday, December 10th. Keefe, Bruyette & Woods raised their price target on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a "market perform" rating in a research report on Thursday, January 16th. UBS Group upped their price objective on Wells Fargo & Company from $69.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, December 9th. Finally, Truist Financial reduced their target price on Wells Fargo & Company from $86.00 to $84.00 and set a "buy" rating for the company in a report on Friday, April 4th. Eight analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $75.66.

Hedge Funds Weigh In On Wells Fargo & Company

Institutional investors and hedge funds have recently bought and sold shares of the stock. Spinnaker Trust raised its stake in shares of Wells Fargo & Company by 1.8% in the fourth quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider's stock worth $520,000 after buying an additional 130 shares during the period. Shakespeare Wealth Management LLC raised its stake in Wells Fargo & Company by 0.9% during the 4th quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider's stock worth $972,000 after acquiring an additional 130 shares during the period. MONECO Advisors LLC lifted its holdings in Wells Fargo & Company by 1.9% during the fourth quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider's stock valued at $493,000 after purchasing an additional 134 shares in the last quarter. Safeguard Investment Advisory Group LLC boosted its position in shares of Wells Fargo & Company by 2.4% in the fourth quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock worth $410,000 after purchasing an additional 137 shares during the period. Finally, Crown Wealth Group LLC increased its stake in shares of Wells Fargo & Company by 2.2% in the fourth quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider's stock worth $467,000 after purchasing an additional 140 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Down 1.2 %

The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The company's 50-day moving average price is $72.83 and its 200 day moving average price is $70.87. The stock has a market capitalization of $203.62 billion, a P/E ratio of 11.59, a P/E/G ratio of 1.18 and a beta of 1.02.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate 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 return on equity of 12.38% and a net margin of 15.73%. The business's revenue was down 3.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.20 earnings per share. As a group, equities analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.57%. Wells Fargo & Company's payout ratio is 29.74%.

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.