Wells Fargo & Company (NYSE:WFC) Price Target Raised to $88.00 at Evercore ISI

Wells Fargo & Company (NYSE:WFC) had its price target increased by Evercore ISI from $72.00 to $88.00 in a report released on Wednesday,Benzinga reports. They currently have an outperform rating on the financial services provider's stock.

Other equities analysts have also recently issued reports about the stock. Morgan Stanley upped their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday. Truist Financial lowered their price target on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. TD Cowen initiated coverage on shares of Wells Fargo & Company in a research note on Thursday, May 15th. They set a "hold" rating and a $83.00 price target on the stock. Piper Sandler lowered their price target on shares of Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Finally, Barclays lowered their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $77.48.

Wells Fargo & Company Stock Performance

WFC traded down $0.50 during trading on Wednesday, hitting $74.88. The stock had a trading volume of 20,123,252 shares, compared to its average volume of 17,520,928. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The firm has a market capitalization of $243.67 billion, a P/E ratio of 13.92, a PEG ratio of 1.18 and a beta of 1.16. The company's 50-day moving average price is $70.26 and its 200 day moving average price is $72.94. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.16. The company had revenue of $20.15 billion for the quarter, compared to analysts' expectations of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company's revenue was down 3.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.20 EPS. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were given a $0.40 dividend. The ex-dividend date was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.14%. Wells Fargo & Company's dividend payout ratio is presently 28.73%.

Wells Fargo & Company declared that its board has initiated a share buyback plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rialto Wealth Management LLC purchased a new position in Wells Fargo & Company in the 4th quarter valued at about $26,000. CBIZ Investment Advisory Services LLC lifted its holdings in Wells Fargo & Company by 585.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 322 shares in the last quarter. Investment Counsel Co. of Nevada purchased a new position in Wells Fargo & Company in the 4th quarter valued at about $28,000. BNP Paribas purchased a new position in Wells Fargo & Company in the 4th quarter valued at about $28,000. Finally, Motco lifted its holdings in Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 326 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Company Profile

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.