Royal Bank of Canada Reiterates “Sector Perform” Rating for Wells Fargo & Company (NYSE:WFC)

Royal Bank of Canada reissued their sector perform rating on shares of Wells Fargo & Company (NYSE:WFC) in a research note issued to investors on Monday morning, Benzinga reports. They currently have a $61.00 price objective on the financial services provider’s stock.

Several other research firms have also recently weighed in on WFC. Morgan Stanley decreased their price target on shares of Wells Fargo & Company from $68.00 to $67.00 and set an overweight rating on the stock in a report on Monday, September 30th. Keefe, Bruyette & Woods reduced their target price on Wells Fargo & Company from $62.00 to $61.00 and set a market perform rating on the stock in a research note on Monday, July 15th. BMO Capital Markets raised their price target on Wells Fargo & Company from $55.00 to $57.00 and gave the company a market perform rating in a research report on Thursday, July 11th. Jefferies Financial Group downgraded Wells Fargo & Company to a hold rating and lowered their price target for the company from $62.00 to $59.00 in a research report on Friday, August 16th. Finally, Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a hold rating to a buy rating and set a $65.00 price target on the stock in a research report on Tuesday, September 3rd. Thirteen equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $61.86.

Wells Fargo & Company Trading Up 1.9 %

Wells Fargo & Company stock opened at $62.16 on Monday. The stock has a market cap of $216.71 billion, a P/E ratio of 12.76, a PEG ratio of 1.46 and a beta of 1.16. Wells Fargo & Company has a fifty-two week low of $38.58 and a fifty-two week high of $63.35. The firm’s fifty day moving average price is $55.59 and its 200-day moving average price is $57.82. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.14. The firm had revenue of $20.37 billion for the quarter, compared to analysts’ expectations of $20.40 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The business’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.39 earnings per share. Equities research analysts forecast that Wells Fargo & Company will post 5.12 earnings per share 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. Investors of record on Friday, August 9th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, August 9th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a dividend yield of 2.57%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 32.85%.

Institutional Trading of Wells Fargo & Company

Large investors have recently modified their holdings of the business. Mattson Financial Services LLC bought a new stake in Wells Fargo & Company during the 2nd quarter valued at approximately $25,000. Strategic Investment Solutions Inc. IL bought a new stake in Wells Fargo & Company during the 2nd quarter valued at approximately $26,000. Valued Wealth Advisors LLC boosted its position in Wells Fargo & Company by 53.7% during the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 220 shares in the last quarter. J.Safra Asset Management Corp boosted its position in Wells Fargo & Company by 704.3% during the 1st quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 648 shares in the last quarter. Finally, Fairscale Capital LLC bought a new stake in Wells Fargo & Company during the 2nd quarter valued at approximately $47,000. 75.90% of the stock is owned by 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.