Wells Fargo & Company (NYSE:WFC) Coverage Initiated by Analysts at Truist Financial

Truist Financial began coverage on shares of Wells Fargo & Company (NYSE:WFC) in a research report report published on Tuesday,Benzinga reports. The brokerage issued a buy rating and a $82.00 price objective on the financial services provider’s stock.

Other equities analysts have also issued research reports about the company. Compass Point increased their target price on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Morgan Stanley lowered their price objective on 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 raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price for the company in a report on Tuesday, October 8th. UBS Group upped their price target on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, Barclays lifted their price objective on shares of Wells Fargo & Company from $75.00 to $90.00 and gave the stock an “overweight” rating in a research note on Monday. Thirteen research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company has an average rating of “Moderate Buy” and a consensus target price of $69.24.

Wells Fargo & Company Trading Down 0.6 %

WFC stock opened at $71.60 on Tuesday. Wells Fargo & Company has a one year low of $46.12 and a one year high of $78.13. The stock has a market cap of $238.39 billion, a price-to-earnings ratio of 14.89, a price-to-earnings-growth ratio of 1.47 and a beta of 1.18. The company has a fifty day moving average price of $71.77 and a two-hundred day moving average price of $62.69. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping the consensus estimate of $1.28 by $0.14. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The business had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. During the same quarter in the previous year, the firm posted $1.39 EPS. Wells Fargo & Company’s revenue was down 2.4% compared to the same quarter last year. Equities analysts anticipate that Wells Fargo & Company will post 5.43 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Investors of record on Friday, November 8th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.23%. The ex-dividend date was Friday, November 8th. Wells Fargo & Company’s payout ratio is 33.26%.

Insider Activity at Wells Fargo & Company

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

Institutional Investors Weigh In On Wells Fargo & Company

Large investors have recently modified their holdings of the company. Synovus Financial Corp grew its holdings in Wells Fargo & Company by 32.2% during the 3rd quarter. Synovus Financial Corp now owns 99,049 shares of the financial services provider’s stock worth $5,595,000 after acquiring an additional 24,126 shares during the period. Cardinal Capital Management Inc. grew its stake in Wells Fargo & Company by 2.0% during the third quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock worth $32,505,000 after purchasing an additional 11,037 shares during the period. Rockefeller Capital Management L.P. increased its holdings in Wells Fargo & Company by 37.2% in the third quarter. Rockefeller Capital Management L.P. now owns 638,233 shares of the financial services provider’s stock worth $36,055,000 after purchasing an additional 173,083 shares in the last quarter. Atlantic Union Bankshares Corp lifted its stake in Wells Fargo & Company by 17.4% in the third quarter. Atlantic Union Bankshares Corp now owns 177,570 shares of the financial services provider’s stock valued at $10,031,000 after buying an additional 26,320 shares during the period. Finally, Chartwell Investment Partners LLC boosted its holdings in shares of Wells Fargo & Company by 16.4% during the 3rd quarter. Chartwell Investment Partners LLC now owns 132,829 shares of the financial services provider’s stock worth $7,504,000 after buying an additional 18,717 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

About Wells Fargo & Company

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.