Wells Fargo & Company (NYSE:WFC) Price Target Raised to $92.00

Wells Fargo & Company (NYSE:WFC) had its target price lifted by JPMorgan Chase & Co. from $91.50 to $92.00 in a research report sent to investors on Friday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

WFC has been the topic of several other reports. Keefe, Bruyette & Woods lowered their price target on Wells Fargo & Company from $94.00 to $90.00 and set a “market perform” rating on the stock in a research report on Wednesday, October 14th. UBS Group cut their target price on Wells Fargo & Company from $104.00 to $102.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Robert W. Baird upped their target price on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Citigroup lowered their price objective on Wells Fargo & Company from $90.00 to $88.00 and set a “neutral” rating for the company in a research report on Wednesday, October 14th. Finally, The Goldman Sachs Group set a $94.00 target price on Wells Fargo & Company in a report on Tuesday, October 13th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have assigned a Hold 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 $98.11.

Wells Fargo & Company Stock Down 0.0%

Shares of NYSE:WFC opened at $83.39 on Friday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market capitalization of $250.32 billion, a PE ratio of 11.76, a price-to-earnings-growth ratio of 0.89 and a beta of 0.93. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76. The company has a fifty day moving average of $84.33 and a 200-day moving average of $83.70.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, October 13th. The financial services provider reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.02. The company had revenue of $21.87 billion during the quarter, compared to the consensus estimate of $22.30 billion. Wells Fargo & Company had a net margin of 17.64% and a return on equity of 14.05%. The firm’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.66 earnings per share. On average, equities analysts predict that Wells Fargo & Company will post 7.27 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 6th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, November 6th. Wells Fargo & Company’s dividend payout ratio (DPR) is 28.21%.

Institutional Investors Weigh In On Wells Fargo & Company

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bfsg LLC raised its position in shares of Wells Fargo & Company by 41.4% during the 3rd quarter. Bfsg LLC now owns 1,100 shares of the financial services provider’s stock valued at $88,000 after buying an additional 322 shares in the last quarter. 3Chopt Investment Partners LLC increased its holdings in shares of Wells Fargo & Company by 0.8% during the third quarter. 3Chopt Investment Partners LLC now owns 51,182 shares of the financial services provider’s stock valued at $4,097,000 after purchasing an additional 431 shares during the period. Compass Financial Management LLC lifted its position in shares of Wells Fargo & Company by 7.9% in the 3rd quarter. Compass Financial Management LLC now owns 18,436 shares of the financial services provider’s stock worth $1,476,000 after acquiring an additional 1,347 shares during the period. Pzena Investment Management LLC grew its holdings in shares of Wells Fargo & Company by 0.3% in the 3rd quarter. Pzena Investment Management LLC now owns 8,853,784 shares of the financial services provider’s stock valued at $708,745,000 after acquiring an additional 26,316 shares in the last quarter. Finally, Rakuten Investment Management Inc. increased its stake in shares of Wells Fargo & Company by 8.4% in the third quarter. Rakuten Investment Management Inc. now owns 543,067 shares of the financial services provider’s stock valued at $43,706,000 after buying an additional 42,303 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

About Wells Fargo & Company

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and financial management services to individuals, businesses, and institutions. Its offerings include deposit accounts, residential and commercial lending, credit cards, payments, treasury management, and other banking products.

The company also provides wealth and investment management services, including financial planning, brokerage, advisory, and private banking solutions.