Wells Fargo & Company (NYSE:WFC) Price Target Raised to $86.00

Wells Fargo & Company (NYSE:WFC) had its target price upped by The Goldman Sachs Group from $76.00 to $86.00 in a report published on Tuesday,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Other equities analysts have also issued research reports about the company. Citigroup lowered their target price on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Barclays lowered their price objective on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Morgan Stanley boosted their target price on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 4th. JPMorgan Chase & Co. decreased their price target on 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. Finally, Piper Sandler reissued an “overweight” rating and issued a $85.00 price target (up previously from $75.00) on shares of Wells Fargo & Company in a report on Wednesday, June 4th. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $77.68.

Wells Fargo & Company Trading Down 1.3%

NYSE WFC opened at $73.94 on Tuesday. The stock has a market cap of $240.61 billion, a PE ratio of 13.74, a PEG ratio of 1.18 and a beta of 1.16. 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 12 month low of $50.15 and a 12 month high of $81.50. The company’s 50-day moving average price is $71.22 and its 200-day moving average price is $72.97.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results 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 during the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.20 EPS. Equities research analysts forecast 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 Sunday, June 1st. Investors of record on Friday, May 9th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.16%. Wells Fargo & Company’s payout ratio is 28.73%.

Wells Fargo & Company announced that its board has initiated a share repurchase plan on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Wells Fargo & Company

Large investors have recently made changes to their positions in the company. Ironwood Wealth Management LLC. purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $221,000. Brighton Jones LLC grew its holdings in Wells Fargo & Company by 62.3% in the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock valued at $4,652,000 after buying an additional 25,436 shares in the last quarter. Strategic Financial Concepts LLC purchased a new stake in Wells Fargo & Company in the 4th quarter valued at $2,262,000. Moloney Securities Asset Management LLC acquired a new stake in shares of Wells Fargo & Company in the 4th quarter worth $311,000. Finally, Entropy Technologies LP purchased a new position in shares of Wells Fargo & Company during the 4th quarter worth $239,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

About Wells Fargo & Company

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.