Brokerages Set Wells Fargo & Company (NYSE:WFC) Target Price at $89.57

Wells Fargo & Company (NYSE:WFC) has earned a consensus rating of “Moderate Buy” from the nineteen brokerages that are currently covering the company, Marketbeat reports. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $89.5667.

WFC has been the topic of a number of research analyst reports. Dbs Bank raised shares of Wells Fargo & Company to a “moderate buy” rating in a research report on Tuesday, October 21st. Truist Financial boosted their price target on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Bank of America increased their price objective on Wells Fargo & Company from $92.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Saturday, October 4th. Finally, Weiss Ratings raised Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, October 8th.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $86.37 on Wednesday. The company has a market capitalization of $271.13 billion, a price-to-earnings ratio of 14.21, a P/E/G ratio of 1.18 and a beta of 1.11. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $88.64. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. The stock’s fifty day simple moving average is $84.31 and its 200-day simple moving average is $80.86.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.18. The firm had revenue of $21.44 billion during the quarter, compared to analyst estimates of $21.11 billion. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period last year, the company posted $1.42 EPS. On average, sell-side analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 7th were issued a $0.45 dividend. The ex-dividend date was Friday, November 7th. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. Wells Fargo & Company’s dividend payout ratio is currently 29.61%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in Wells Fargo & Company by 2,735,254.3% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock valued at $76,095,550,000 after buying an additional 949,735,001 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Wells Fargo & Company by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 302,092,955 shares of the financial services provider’s stock valued at $24,203,688,000 after acquiring an additional 1,341,222 shares during the last quarter. Norges Bank acquired a new position in shares of Wells Fargo & Company during the 2nd quarter valued at about $3,990,551,000. Capital Research Global Investors raised its stake in shares of Wells Fargo & Company by 18.6% in the 3rd quarter. Capital Research Global Investors now owns 35,660,903 shares of the financial services provider’s stock valued at $2,989,104,000 after acquiring an additional 5,584,930 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in Wells Fargo & Company by 1.9% in the 3rd quarter. Legal & General Group Plc now owns 21,009,237 shares of the financial services provider’s stock worth $1,760,994,000 after purchasing an additional 399,088 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

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.