Wells Fargo & Company (NYSE:WFC) Sets New 1-Year High After Analyst Upgrade

Shares of Wells Fargo & Company (NYSE:WFC) reached a new 52-week high during trading on Thursday after Citigroup raised their price target on the stock from $78.00 to $85.00. Citigroup currently has a neutral rating on the stock. Wells Fargo & Company traded as high as $82.40 and last traded at $82.37, with a volume of 15187015 shares changing hands. The stock had previously closed at $81.49.

Other research analysts have also recently issued research reports about the stock. Piper Sandler reaffirmed an "overweight" rating and issued a $85.00 target price (up previously from $75.00) on shares of Wells Fargo & Company in a research report on Wednesday, June 4th. Bank of America increased their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Morgan Stanley lifted their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a report on Wednesday, June 4th. JPMorgan Chase & Co. decreased their price target on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. Finally, TD Cowen assumed coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company presently has an average rating of "Moderate Buy" and an average target price of $78.33.

Hedge Funds Weigh In On Wells Fargo & Company

Several hedge funds and other institutional investors have recently made changes to their positions in WFC. Rialto Wealth Management LLC purchased a new position in Wells Fargo & Company in the fourth quarter worth approximately $26,000. CBIZ Investment Advisory Services LLC raised its holdings 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 in the last quarter. Investment Counsel Co. of Nevada purchased a new stake in shares of Wells Fargo & Company during the 4th quarter worth $28,000. BNP Paribas purchased a new stake in shares of Wells Fargo & Company during the 4th quarter worth $28,000. Finally, Accent Capital Management LLC acquired a new position in shares of Wells Fargo & Company during the first quarter worth $29,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Up 1.1%

The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The stock has a market cap of $268.05 billion, a PE ratio of 14.79, a price-to-earnings-growth ratio of 1.36 and a beta of 1.16. The firm has a fifty day moving average of $74.79 and a 200 day moving average of $73.27.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $20.82 billion. During the same period in the prior year, the firm posted $1.20 EPS. The business's quarterly revenue was down 3.4% compared to the same quarter last year. On average, equities research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

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 of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a yield of 1.94%. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

Wells Fargo & Company announced that its board has authorized a share repurchase program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.