Wells Fargo & Company (NYSE:WFC) Receives $75.73 Consensus PT from Analysts

Wells Fargo & Company (NYSE:WFC) has been given an average recommendation of "Moderate Buy" by the twenty ratings firms that are presently covering the company, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a hold recommendation, eleven have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $77.48.

Several equities research analysts recently issued reports on the company. Morgan Stanley boosted their price objective on Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a report on Wednesday. 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. Bank of America raised their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday. Barclays cut their target price 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. Finally, Piper Sandler reissued an "overweight" rating and issued a $85.00 price target (up previously from $75.00) on shares of Wells Fargo & Company in a research report on Wednesday.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Rialto Wealth Management LLC acquired a new position in Wells Fargo & Company in the fourth quarter valued at $26,000. CBIZ Investment Advisory Services LLC boosted its position in shares of 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 during the period. Investment Counsel Co. of Nevada purchased a new position in Wells Fargo & Company during the 4th quarter worth approximately $28,000. BNP Paribas purchased a new position in Wells Fargo & Company during the 4th quarter worth approximately $28,000. Finally, Accent Capital Management LLC acquired a new position in Wells Fargo & Company during the first quarter worth approximately $29,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Down 0.7%

Shares of WFC traded down $0.50 during trading on Wednesday, reaching $74.88. 20,121,112 shares of the company traded hands, compared to its average volume of 17,321,949. The stock has a 50-day simple moving average of $70.26 and a 200-day simple moving average of $72.94. The stock has a market cap of $243.67 billion, a PE ratio of 13.92, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results 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. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. During the same quarter last year, the firm earned $1.20 EPS. The firm's revenue for the quarter was down 3.4% on a year-over-year basis. On average, analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

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

Wells Fargo & Company Dividend Announcement

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

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.