Wells Fargo & Company (NYSE:WFC) Price Target Increased to $62.00 by Analysts at Piper Sandler

Wells Fargo & Company (NYSE:WFC) had its price objective raised by Piper Sandler from $60.00 to $62.00 in a research note issued to investors on Monday morning, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other analysts have also recently issued reports on the company. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a hold rating to a buy rating and set a $65.00 target price for the company in a report on Tuesday, September 3rd. Keefe, Bruyette & Woods reduced their price target on Wells Fargo & Company from $62.00 to $61.00 and set a market perform rating on the stock in a research report on Monday, July 15th. Wolfe Research raised Wells Fargo & Company from a peer perform rating to an outperform rating and set a $65.00 price target on the stock in a research report on Tuesday, October 8th. Evercore ISI boosted their price target on Wells Fargo & Company from $68.00 to $71.00 and gave the stock an outperform rating in a research report on Monday. Finally, Royal Bank of Canada reissued a sector perform rating and set a $61.00 price target on shares of Wells Fargo & Company in a research report on Monday. Thirteen research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of Hold and a consensus target price of $61.86.

Wells Fargo & Company Stock Up 1.9 %

Shares of NYSE:WFC opened at $62.16 on Monday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a 1 year low of $38.58 and a 1 year high of $63.35. The stock has a market capitalization of $216.71 billion, a P/E ratio of 12.76, a PEG ratio of 1.46 and a beta of 1.16. The stock has a 50-day simple moving average of $55.59 and a 200-day simple moving average of $57.82.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The business had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. During the same quarter in the previous year, the business earned $1.39 EPS. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. Equities analysts forecast that Wells Fargo & Company will post 5.12 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were paid a dividend of $0.40 per share. The ex-dividend date was Friday, August 9th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 2.57%. Wells Fargo & Company’s dividend payout ratio (DPR) is 32.85%.

Hedge Funds Weigh In On Wells Fargo & Company

Several large investors have recently added to or reduced their stakes in WFC. Mattson Financial Services LLC bought a new position in Wells Fargo & Company during the second quarter worth $25,000. Strategic Investment Solutions Inc. IL bought a new position in Wells Fargo & Company during the second quarter worth $26,000. Valued Wealth Advisors LLC lifted its stake in Wells Fargo & Company by 53.7% during the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 220 shares during the last quarter. J.Safra Asset Management Corp lifted its stake in Wells Fargo & Company by 704.3% during the first quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 648 shares during the last quarter. Finally, Fairscale Capital LLC bought a new position in Wells Fargo & Company during the second quarter worth $47,000. 75.90% of the stock is currently owned by institutional investors.

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.