Wells Fargo & Company (NYSE:WFC) Price Target Raised to $95.00

Wells Fargo & Company (NYSE:WFC) had its price target increased by Truist Financial from $94.00 to $95.00 in a research report released on Thursday, Marketbeat Ratings reports. They currently have a buy rating on the financial services provider’s stock.

A number of other equities analysts also recently commented on WFC. UBS Group reduced their target price on shares of Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating for the company in a report on Tuesday, July 7th. HSBC initiated coverage on shares of Wells Fargo & Company in a report on Monday, September 28th. They issued a “buy” rating and a $108.00 price target on the stock. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Sunday, June 14th. Bank of America boosted their price objective on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $99.69.

Wells Fargo & Company Stock Up 0.3%

Shares of NYSE WFC opened at $80.47 on Thursday. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The stock’s fifty day simple moving average is $86.26 and its two-hundred day simple moving average is $82.99. The stock has a market capitalization of $243.33 billion, a PE ratio of 11.70, a price-to-earnings-growth ratio of 0.87 and a beta of 0.96. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, topping the consensus estimate of $1.73 by $0.23. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The firm had revenue of $22.62 billion during the quarter, compared to analyst estimates of $21.86 billion. During the same period in the previous year, the company posted $1.60 EPS. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, analysts expect that Wells Fargo & Company will post 7.28 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 7th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, August 7th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s payout ratio is 29.07%.

Institutional Trading of Wells Fargo & Company

A number of institutional investors have recently bought and sold shares of WFC. Legal & General Group Plc purchased a new stake in shares of Wells Fargo & Company during the second quarter valued at $1,635,881,000. Bank of New York Mellon Corp purchased a new position in Wells Fargo & Company in the 2nd quarter worth $1,364,923,000. Deutsche Bank AG purchased a new position in Wells Fargo & Company in the 2nd quarter worth $859,431,000. Pzena Investment Management LLC acquired a new stake in Wells Fargo & Company during the 2nd quarter worth about $729,502,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Wells Fargo & Company during the 2nd quarter valued at about $620,861,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company News Roundup

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: S&P Global Ratings upgraded Wells Fargo’s long-term credit rating to A- from BBB+ and maintained a stable outlook. The upgrade reflects improvements in risk management, profitability and client relationships, potentially lowering funding costs and reinforcing confidence in the bank’s financial strength. WFC’s Credit Rating Upgraded to A- by S&P, Outlook Remains Stable
• Positive Sentiment: Truist Financial raised its Wells Fargo price target to $95 from $94 and reiterated a Buy rating. The higher target indicates continued confidence in Wells Fargo’s earnings outlook and valuation potential. Truist raises Wells Fargo price target
• Neutral Sentiment: JPMorgan lowered its price target to $91.50 from $95.50 and assigned a Neutral rating. Although the reduced target signals less near-term upside, it remains above the current market level, suggesting JPMorgan does not expect a significant decline. JPMorgan lowers Wells Fargo price target
• Neutral Sentiment: The Federal Reserve’s revised bank stress-testing framework is intended to reduce swings in capital requirements and improve planning visibility for major banks, including Wells Fargo. The change could benefit capital management over time, but its immediate earnings impact is uncertain. Fed Revamps Bank Stress Tests

About Wells Fargo & Company

Wells Fargo & Company (NYSE: WFC) is a diversified financial services company that provides banking, lending, investment, and wealth management services to individuals, businesses, institutions, and government entities. Its offerings include checking and savings accounts, credit cards, personal and commercial loans, mortgages, payment services, and other deposit and credit products.

The company also provides investment banking, capital markets, brokerage, advisory, asset management, and retirement services through its corporate and investment banking and wealth and investment management businesses.