Wells Fargo & Company (NYSE:WFC) Price Target Raised to $75.00 at Piper Sandler

Wells Fargo & Company (NYSE:WFC) had its price objective lifted by Piper Sandler from $62.00 to $75.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Several other equities analysts also recently weighed in on the company. Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and boosted their target price for the company from $60.83 to $65.00 in a research report on Tuesday, October 15th. Citigroup lifted their target price on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. Compass Point upped their target price on Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. The Goldman Sachs Group reduced their target price on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th. Finally, Evercore ISI upped their price objective on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Thirteen research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $64.62.

Wells Fargo & Company Stock Performance

WFC opened at $74.14 on Tuesday. The company has a market cap of $246.85 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 1.57 and a beta of 1.16. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09. The company’s 50 day moving average is $66.28 and its 200 day moving average is $60.52. Wells Fargo & Company has a 12-month low of $44.41 and a 12-month high of $78.13.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. The firm had revenue of $20.37 billion during the quarter, compared to analyst estimates of $20.40 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The business’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.39 earnings per share. On average, equities research analysts predict that Wells Fargo & Company will post 5.42 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were issued a dividend of $0.40 per share. The ex-dividend date was Friday, November 8th. This represents a $1.60 annualized dividend and a dividend yield of 2.16%. Wells Fargo & Company’s dividend payout ratio is presently 33.26%.

Insider Activity at Wells Fargo & Company

In related news, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $61.99, for a total value of $2,169,650.00. Following the transaction, the executive vice president now directly owns 126,687 shares in the company, valued at approximately $7,853,327.13. This represents a 21.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total value of $3,822,000.00. Following the completion of the sale, the executive vice president now owns 163,610 shares in the company, valued at $10,421,957. This represents a 26.83 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of WFC. Investors Research Corp lifted its holdings in shares of Wells Fargo & Company by 1.2% in the 3rd quarter. Investors Research Corp now owns 13,461 shares of the financial services provider’s stock worth $760,000 after acquiring an additional 160 shares during the last quarter. Ellenbecker Investment Group raised its position in Wells Fargo & Company by 3.9% in the third quarter. Ellenbecker Investment Group now owns 4,418 shares of the financial services provider’s stock valued at $250,000 after purchasing an additional 164 shares during the period. Income Research & Management acquired a new position in Wells Fargo & Company during the third quarter worth $211,000. Modera Wealth Management LLC boosted its position in shares of Wells Fargo & Company by 0.9% during the third quarter. Modera Wealth Management LLC now owns 18,014 shares of the financial services provider’s stock worth $1,018,000 after buying an additional 167 shares during the period. Finally, Catalina Capital Group LLC grew its stake in shares of Wells Fargo & Company by 1.7% in the third quarter. Catalina Capital Group LLC now owns 9,886 shares of the financial services provider’s stock valued at $558,000 after buying an additional 168 shares in the last quarter. Hedge funds and other institutional investors 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.