Wells Fargo & Company (NYSE:WFC) Price Target Increased to $62.00 by Analysts at Piper Sandler

Wells Fargo & Company (NYSE:WFC) had its price target increased by Piper Sandler from $60.00 to $62.00 in a report published on Monday, Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

Several other equities analysts have also commented on WFC. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a hold rating to a buy rating and set a $65.00 price target on the stock in a research note on Tuesday, September 3rd. Morgan Stanley lowered their target price on shares of Wells Fargo & Company from $68.00 to $67.00 and set an overweight rating on the stock in a research report on Monday, September 30th. Wolfe Research upgraded shares of Wells Fargo & Company from a peer perform rating to an outperform rating and set a $65.00 target price on the stock in a research report on Tuesday, October 8th. Keefe, Bruyette & Woods lowered their target price on shares of Wells Fargo & Company from $62.00 to $61.00 and set a market perform rating on the stock in a research report on Monday, July 15th. Finally, Evercore ISI raised their target price on shares of Wells Fargo & Company from $68.00 to $71.00 and gave the stock an outperform rating in a research report on Monday. Thirteen equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company has a consensus rating of Hold and an average price target of $61.86.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $62.16 on Monday. The firm has a market capitalization of $216.71 billion, a P/E ratio of 12.76, a P/E/G ratio of 1.46 and a beta of 1.16. Wells Fargo & Company has a 52 week low of $38.58 and a 52 week high of $63.35. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. The firm’s 50 day moving average is $55.59 and its two-hundred day moving average is $57.82.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, beating the consensus estimate of $1.28 by $0.14. The company had revenue of $20.37 billion for the quarter, compared to analyst estimates of $20.40 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The firm’s revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.39 earnings per share. Research analysts forecast that Wells Fargo & Company will post 5.12 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.57%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s dividend payout ratio (DPR) is 32.85%.

Institutional Investors Weigh In On Wells Fargo & Company

A number of hedge funds and other institutional investors have recently bought and sold shares of WFC. Dimensional Fund Advisors LP raised its stake in shares of Wells Fargo & Company by 4.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 19,848,290 shares of the financial services provider’s stock worth $1,178,591,000 after buying an additional 831,975 shares during the last quarter. 1832 Asset Management L.P. raised its stake in Wells Fargo & Company by 67.1% in the 1st quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock valued at $339,226,000 after purchasing an additional 2,349,595 shares during the last quarter. First Pacific Advisors LP raised its stake in Wells Fargo & Company by 2.1% in the 2nd quarter. First Pacific Advisors LP now owns 5,278,666 shares of the financial services provider’s stock valued at $313,500,000 after purchasing an additional 108,480 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in Wells Fargo & Company by 38.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 5,131,320 shares of the financial services provider’s stock valued at $297,411,000 after purchasing an additional 1,415,647 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in Wells Fargo & Company by 1.0% in the 1st quarter. Russell Investments Group Ltd. now owns 4,662,953 shares of the financial services provider’s stock valued at $270,035,000 after purchasing an additional 48,419 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

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.