Morgan Stanley Boosts Wells Fargo & Company (NYSE:WFC) Price Target to $64.00

Wells Fargo & Company (NYSE:WFC) had its target price raised by Morgan Stanley from $63.00 to $64.00 in a report issued on Monday morning, Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

A number of other equities research analysts have also recently issued reports on the stock. Jefferies Financial Group upped their price objective on shares of Wells Fargo & Company from $52.00 to $60.00 and gave the company a hold rating in a research note on Monday, April 8th. HSBC upped their price objective on shares of Wells Fargo & Company from $55.00 to $60.00 and gave the company a hold rating in a research note on Thursday, March 28th. Robert W. Baird reaffirmed a neutral rating and issued a $55.00 price objective on shares of Wells Fargo & Company in a research note on Monday, January 8th. Raymond James upped their price objective on shares of Wells Fargo & Company from $55.00 to $58.00 and gave the company a strong-buy rating in a research note on Tuesday, January 16th. Finally, Compass Point reaffirmed a neutral rating and issued a $64.00 price objective on shares of Wells Fargo & Company in a research note on Tuesday, April 9th. Thirteen analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $58.85.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $57.18 on Monday. The company’s fifty day moving average price is $55.42 and its 200-day moving average price is $48.61. The firm has a market capitalization of $202.44 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 1.15 and a beta of 1.19. Wells Fargo & Company has a one year low of $36.40 and a one year high of $58.44. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.87 and a quick ratio of 0.86.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.10. The firm had revenue of $20.86 billion for the quarter, compared to analyst estimates of $20.19 billion. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The business’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.23 EPS. On average, equities research analysts anticipate that Wells Fargo & Company will post 4.86 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 2nd were given a $0.35 dividend. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $1.40 annualized dividend and a dividend yield of 2.45%. Wells Fargo & Company’s dividend payout ratio is 29.23%.

Institutional Investors Weigh In On Wells Fargo & Company

Institutional investors and hedge funds have recently modified their holdings of the stock. Core Wealth Advisors Inc. purchased a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $25,000. Arlington Trust Co LLC purchased a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $25,000. Tennessee Valley Asset Management Partners purchased a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $29,000. Fortis Group Advisors LLC purchased a new stake in shares of Wells Fargo & Company in the 3rd quarter worth about $25,000. Finally, Transcendent Capital Group LLC purchased a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $32,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.