Truist Financial Increases Wells Fargo & Company (NYSE:WFC) Price Target to $85.00

Wells Fargo & Company (NYSE:WFC) had its target price lifted by Truist Financial from $82.00 to $85.00 in a research report report published on Thursday morning,Benzinga reports. Truist Financial currently has a buy rating on the financial services provider’s stock.

A number of other equities research analysts also recently issued reports on WFC. Piper Sandler increased their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Compass Point increased their target price on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Barclays raised their price target on shares of Wells Fargo & Company from $75.00 to $90.00 and gave the company an “overweight” rating in a report on Monday, January 6th. UBS Group upped their price target on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Finally, Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and raised their price target for the company from $60.83 to $65.00 in a report on Tuesday, October 15th. Eleven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $73.39.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $77.22 on Thursday. Wells Fargo & Company has a 12 month low of $46.12 and a 12 month high of $78.13. The stock has a market capitalization of $257.11 billion, a P/E ratio of 16.05, a PEG ratio of 1.39 and a beta of 1.18. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09. The firm’s 50 day moving average is $72.74 and its 200 day moving average is $63.44.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The firm had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. During the same period last year, the company earned $0.86 earnings per share. The business’s revenue for the quarter was down .5% on a year-over-year basis. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.45 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were given a $0.40 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.07%. Wells Fargo & Company’s dividend payout ratio is currently 33.26%.

Hedge Funds Weigh In On Wells Fargo & Company

A number of hedge funds and other institutional investors have recently made changes to their positions in WFC. National Pension Service raised its holdings in Wells Fargo & Company by 15.2% in the 3rd quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock worth $383,532,000 after purchasing an additional 897,195 shares in the last quarter. Diamond Hill Capital Management Inc. increased its position in shares of Wells Fargo & Company by 2.5% during the third quarter. Diamond Hill Capital Management Inc. now owns 6,641,581 shares of the financial services provider’s stock valued at $375,183,000 after buying an additional 162,066 shares during the period. Nordea Investment Management AB raised its stake in Wells Fargo & Company by 10.1% in the fourth quarter. Nordea Investment Management AB now owns 6,284,421 shares of the financial services provider’s stock worth $441,983,000 after buying an additional 575,892 shares in the last quarter. Two Sigma Advisers LP lifted its holdings in Wells Fargo & Company by 730.4% in the third quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock worth $336,375,000 after buying an additional 5,237,500 shares during the period. Finally, Canoe Financial LP bought a new stake in Wells Fargo & Company during the 3rd quarter valued at approximately $160,529,000. Institutional investors own 75.90% of the company’s stock.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.