Brokerages Set Wells Fargo & Company (NYSE:WFC) PT at $98.61

Wells Fargo & Company (NYSE:WFC) has received an average rating of “Moderate Buy” from the twenty-six analysts that are presently covering the stock, Marketbeat Ratings reports. Ten research analysts have rated the stock with a hold recommendation, fourteen have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $98.6053.

A number of equities research analysts have issued reports on the stock. Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Truist Financial upped their target price on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, June 26th. Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. UBS Group lowered their target price on shares of Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Finally, JPMorgan Chase & Co. lifted their price objective on Wells Fargo & Company from $93.50 to $95.50 and gave the company a “neutral” rating in a report on Wednesday, July 29th.

Institutional Investors Weigh In On Wells Fargo & Company

Several large investors have recently modified their holdings of WFC. Godfrey Financial Associates Inc. acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at approximately $25,000. Miller Capital Partners Inc. bought a new stake in Wells Fargo & Company during the fourth quarter worth $25,000. Navalign LLC acquired a new stake in Wells Fargo & Company in the fourth quarter valued at $26,000. Joseph Group Capital Management bought a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $28,000. Finally, Core Wealth Advisors LLC acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth about $29,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Trading Down 0.1%

NYSE:WFC opened at $86.62 on Friday. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $261.94 billion, a P/E ratio of 12.59, a P/E/G ratio of 0.94 and a beta of 0.92. The business has a 50 day simple moving average of $86.27 and a 200 day simple moving average of $82.63.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.23. The business had revenue of $22.62 billion for the quarter, compared to analysts’ expectations of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The company’s revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.60 earnings per share. Equities research analysts predict that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be paid a $0.50 dividend. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.3%. Wells Fargo & Company’s payout ratio is 29.07%.

Key Wells Fargo & Company News

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

• Positive Sentiment: Wells Fargo is reportedly seeking to recruit hundreds of independent financial advisers, expanding its Wealth & Investment Management division and targeting affluent and high-net-worth clients. The initiative builds on a multiyear overhaul and could support fee-based revenue, asset growth and deeper customer relationships. WFC Broadens Wealth Focus: Can Its Multi-Year Revamp Drive Growth?
• Positive Sentiment: The wealth-management push follows an approximately $1.5 billion revamp and emphasizes independent advisers who can use Wells Fargo’s platform and infrastructure. Successful hiring and retention could improve the division’s long-term growth prospects, although benefits will take time to materialize. Wells Fargo Steps Up Wealth Hiring After $1.5 Billion Revamp
• Neutral Sentiment: Analysts collectively maintain a “Moderate Buy” recommendation for Wells Fargo. The rating indicates generally constructive sentiment, but it does not represent a new earnings forecast or a clearly identifiable catalyst. Wells Fargo Given Average Recommendation of Moderate Buy by Analysts
• Neutral Sentiment: A market-focused report noted that WFC advanced even as the broader market declined, suggesting relative investor support. The article did not identify a major new earnings announcement, guidance change or regulatory development behind the move. Wells Fargo Gains As Market Dips: What You Should Know

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.