Wells Fargo & Company (NYSE:WFC) Price Target Raised to $86.00 at Truist Financial

Wells Fargo & Company (NYSE:WFC) had its price objective lifted by Truist Financial from $83.00 to $86.00 in a report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the financial services provider's stock.

Several other equities research analysts also recently commented on WFC. Phillip Securities raised shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, April 14th. Raymond James Financial cut shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday. Evercore ISI reaffirmed an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday. Barclays reduced their price target on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Finally, Morgan Stanley raised their target price on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Eight research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $78.98.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock traded up $0.19 on Wednesday, reaching $81.78. 16,107,019 shares of the company traded hands, compared to its average volume of 17,419,106. The company has a 50 day moving average of $75.81 and a 200 day moving average of $73.64. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $83.95. The firm has a market capitalization of $266.13 billion, a PE ratio of 14.68, a PEG ratio of 1.37 and a beta of 1.16.

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 for the quarter, beating the consensus estimate of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. Wells Fargo & Company's revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.20 earnings per share. Equities analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.96%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

Wells Fargo & Company declared that its board has approved a stock repurchase program on Tuesday, April 29th that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Institutional Investors Weigh In On Wells Fargo & Company

A number of hedge funds have recently made changes to their positions in WFC. Intelligence Driven Advisers LLC grew its holdings in shares of Wells Fargo & Company by 48.6% during the 2nd quarter. Intelligence Driven Advisers LLC now owns 11,805 shares of the financial services provider's stock valued at $946,000 after purchasing an additional 3,861 shares during the last quarter. Pines Wealth Management LLC lifted its stake in Wells Fargo & Company by 35.2% in the second quarter. Pines Wealth Management LLC now owns 8,689 shares of the financial services provider's stock worth $726,000 after purchasing an additional 2,263 shares during the last quarter. Chesley Taft & Associates LLC boosted its position in Wells Fargo & Company by 5.8% during the second quarter. Chesley Taft & Associates LLC now owns 221,072 shares of the financial services provider's stock valued at $17,712,000 after buying an additional 12,160 shares during the period. Sunpointe LLC grew its stake in shares of Wells Fargo & Company by 4.8% during the second quarter. Sunpointe LLC now owns 3,866 shares of the financial services provider's stock valued at $310,000 after buying an additional 178 shares during the last quarter. Finally, Sapient Capital LLC grew its stake in shares of Wells Fargo & Company by 0.4% during the second quarter. Sapient Capital LLC now owns 344,236 shares of the financial services provider's stock valued at $27,580,000 after buying an additional 1,272 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

About Wells Fargo & Company

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.