Wells Fargo & Company (NYSE:WFC) Price Target Raised to $85.00

Wells Fargo & Company (NYSE:WFC) had its target price hoisted by Citigroup from $78.00 to $85.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider's stock.

Several other analysts have also recently weighed in on the company. The Goldman Sachs Group lifted their price target on Wells Fargo & Company from $76.00 to $86.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Barclays dropped their price target on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Piper Sandler reiterated an "overweight" rating and set a $85.00 price target (up previously from $75.00) on shares of Wells Fargo & Company in a report on Wednesday, June 4th. Evercore ISI boosted their target price on shares of Wells Fargo & Company from $72.00 to $88.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Finally, Phillip Securities raised shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Monday, April 14th. Seven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $78.33.

Wells Fargo & Company Trading Up 1.2%

WFC traded up $0.96 during trading on Wednesday, reaching $83.32. 11,237,287 shares of the company's stock were exchanged, compared to its average volume of 17,353,350. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $83.95. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a market capitalization of $271.12 billion, a PE ratio of 14.96, a P/E/G ratio of 1.40 and a beta of 1.16. The company's fifty day moving average price is $75.34 and its 200-day moving average price is $73.44.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued 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. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The business had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. During the same period in the previous year, the firm earned $1.20 EPS. Wells Fargo & Company's quarterly revenue was down 3.4% compared to the same quarter last year. As a group, equities analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 1.92%. Wells Fargo & Company's dividend payout ratio (DPR) is currently 28.73%.

Wells Fargo & Company announced that its Board of Directors has authorized a stock repurchase program on Tuesday, April 29th that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Institutional Trading of Wells Fargo & Company

A number of institutional investors have recently modified their holdings of the company. Rialto Wealth Management LLC purchased a new stake in Wells Fargo & Company during the 4th quarter valued at about $26,000. CBIZ Investment Advisory Services LLC grew its position in shares of Wells Fargo & Company by 585.5% in the first 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 during the period. Investment Counsel Co. of Nevada purchased a new stake in Wells Fargo & Company during the 4th quarter worth approximately $28,000. BNP Paribas acquired a new stake in shares of Wells Fargo & Company in the fourth quarter worth approximately $28,000. Finally, Motco increased its position in shares of Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after purchasing an additional 326 shares in the last quarter. 75.90% of the stock is currently owned by 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.