Wells Fargo & Company (NYSE:WFC) Stock Has Average Price Target of $98.08

Shares of Wells Fargo & Company (NYSE:WFC) have earned an average rating of “Moderate Buy” from the twenty-five analysts that are covering the stock, Marketbeat.com reports. Eight equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $98.08.

A number of brokerages recently commented on WFC. Bank of America upped their price objective on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Weiss Ratings restated a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Thursday. Royal Bank Of Canada dropped their price target on shares of Wells Fargo & Company from $100.00 to $92.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 14th. JPMorgan Chase & Co. cut their price target on Wells Fargo & Company from $95.50 to $91.50 and set a “neutral” rating on the stock in a report on Friday, October 2nd. Finally, Morgan Stanley reduced their price objective on Wells Fargo & Company from $102.00 to $101.00 and set an “overweight” rating for the company in a research report on Wednesday, October 14th.

Institutional Investors Weigh In On Wells Fargo & Company

Hedge funds have recently made changes to their positions in the company. Legal & General Group Plc acquired a new stake in shares of Wells Fargo & Company in the second quarter worth $1,635,881,000. Bank of New York Mellon Corp acquired a new stake in Wells Fargo & Company during the 2nd quarter valued at $1,364,923,000. Amundi increased its position in Wells Fargo & Company by 73.0% in the 1st quarter. Amundi now owns 16,463,550 shares of the financial services provider’s stock valued at $1,310,663,000 after acquiring an additional 6,944,316 shares in the last quarter. Deutsche Bank AG acquired a new stake in shares of Wells Fargo & Company in the second quarter valued at approximately $859,431,000. Finally, Pzena Investment Management LLC bought a new position in Wells Fargo & Company in the 2nd quarter worth approximately $729,502,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 2.5%

WFC stock opened at $81.80 on Friday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.89 and a quick ratio of 0.90. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76. The firm has a fifty day moving average price of $85.14 and a two-hundred day moving average price of $83.36. The firm has a market cap of $247.36 billion, a price-to-earnings ratio of 11.54, a PEG ratio of 0.90 and a beta of 0.96.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, October 13th. The financial services provider reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.02. Wells Fargo & Company had a return on equity of 14.05% and a net margin of 17.64%. The business had revenue of $21.87 billion for the quarter, compared to analysts’ expectations of $22.30 billion. During the same period in the prior year, the firm earned $1.66 EPS. The business’s quarterly revenue was up 2.0% on a year-over-year basis. Research analysts predict that Wells Fargo & Company will post 7.28 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.4%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, August 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 28.21%.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and financial management services to individuals, businesses, and institutions. Its offerings include deposit accounts, residential and commercial lending, credit cards, payments, treasury management, and other banking products.

The company also provides wealth and investment management services, including financial planning, brokerage, advisory, and private banking solutions.