Brokerages Set Wells Fargo & Company (NYSE:WFC) Target Price at $60.29

Shares of Wells Fargo & Company (NYSE:WFC) have earned an average rating of “Hold” from the eighteen brokerages that are presently covering the company, MarketBeat Ratings reports. Eleven equities research analysts have rated the stock with a hold recommendation, six have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $60.29.

A number of research firms have issued reports on WFC. Keefe, Bruyette & Woods decreased their price objective on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a report on Monday, July 15th. Morgan Stanley increased their price objective on Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. The Goldman Sachs Group decreased their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a report on Tuesday, September 3rd. Finally, Evercore ISI reduced their price target on Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating for the company in a report on Friday, September 6th.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock opened at $55.90 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. The company has a market cap of $194.89 billion, a PE ratio of 11.48, a P/E/G ratio of 1.32 and a beta of 1.16. The business has a 50 day moving average of $55.74 and a 200 day moving average of $57.81. Wells Fargo & Company has a 52 week low of $38.38 and a 52 week high of $62.55.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.04. The business had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $20.29 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The firm’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.25 earnings per share. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.14 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.86%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, August 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 32.85%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Core Wealth Advisors Inc. bought a new position in shares of Wells Fargo & Company in the fourth quarter worth about $25,000. Strategic Investment Solutions Inc. IL bought a new stake in Wells Fargo & Company during the 2nd quarter valued at approximately $26,000. Transcendent Capital Group LLC bought a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $32,000. Beaird Harris Wealth Management LLC bought a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $34,000. Finally, Valued Wealth Advisors LLC raised its stake in Wells Fargo & Company by 53.7% during the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 220 shares during the period. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Company Profile

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.