Wells Fargo & Company (NYSE:WFC) Given New $66.00 Price Target at Argus

Wells Fargo & Company (NYSE:WFC) had its target price raised by Argus from $57.00 to $66.00 in a report issued on Monday morning, Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

Several other research analysts also recently weighed in on the company. StockNews.com downgraded Wells Fargo & Company from a hold rating to a sell rating in a research note on Thursday, April 4th. Evercore ISI boosted their target price on Wells Fargo & Company from $58.00 to $67.00 and gave the stock an outperform rating in a research note on Thursday, March 28th. Raymond James boosted their target price on Wells Fargo & Company from $55.00 to $58.00 and gave the stock a strong-buy rating in a research note on Tuesday, January 16th. Deutsche Bank Aktiengesellschaft restated a hold rating and set a $51.00 target price on shares of Wells Fargo & Company in a research note on Tuesday, January 9th. Finally, Keefe, Bruyette & Woods reiterated a market perform rating and set a $62.00 price target (up previously from $56.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 27th. Thirteen research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Wells Fargo & Company currently has an average rating of Hold and an average price target of $58.85.

Wells Fargo & Company Trading Up 2.7 %

WFC opened at $58.74 on Monday. The stock’s fifty day moving average is $55.63 and its two-hundred day moving average is $48.68. The company has a market capitalization of $207.96 billion, a P/E ratio of 12.26, a PEG ratio of 1.10 and a beta of 1.19. Wells Fargo & Company has a 52 week low of $36.40 and a 52 week high of $59.13. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The firm had revenue of $20.86 billion during the quarter, compared to analyst estimates of $20.19 billion. During the same period in the previous year, the company posted $1.23 EPS. The business’s revenue for the quarter was up .6% compared to the same quarter last year. Analysts forecast that Wells Fargo & Company will post 5.04 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 2nd were issued a $0.35 dividend. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $1.40 dividend on an annualized basis and a yield of 2.38%. Wells Fargo & Company’s payout ratio is 29.23%.

Hedge Funds Weigh In On Wells Fargo & Company

A number of large investors have recently bought and sold shares of WFC. MV Capital Management Inc. raised its holdings in shares of Wells Fargo & Company by 7.8% during the first quarter. MV Capital Management Inc. now owns 15,303 shares of the financial services provider’s stock valued at $887,000 after acquiring an additional 1,107 shares during the last quarter. Leonard Rickey Investment Advisors P.L.L.C. raised its holdings in shares of Wells Fargo & Company by 18.0% during the first quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 5,184 shares of the financial services provider’s stock valued at $300,000 after acquiring an additional 791 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Wells Fargo & Company by 28.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 473,444 shares of the financial services provider’s stock valued at $27,441,000 after acquiring an additional 106,260 shares during the last quarter. Tributary Capital Management LLC raised its holdings in shares of Wells Fargo & Company by 19.5% during the first quarter. Tributary Capital Management LLC now owns 11,650 shares of the financial services provider’s stock valued at $675,000 after acquiring an additional 1,900 shares during the last quarter. Finally, Miracle Mile Advisors LLC raised its holdings in shares of Wells Fargo & Company by 1.2% during the first quarter. Miracle Mile Advisors LLC now owns 20,454 shares of the financial services provider’s stock valued at $1,186,000 after acquiring an additional 235 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

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.