Wells Fargo & Company (NYSE:WFC) Receives $67.49 Average Price Target from Analysts

Wells Fargo & Company (NYSE:WFC) has received a consensus rating of “Moderate Buy” from the twenty-two research firms that are currently covering the stock, Marketbeat Ratings reports. Twelve investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $67.49.

A number of equities analysts recently issued reports on WFC shares. Citigroup upped their price target on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. The Goldman Sachs Group upped their target price on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a report on Friday, December 6th. Piper Sandler lifted their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Phillip Securities upgraded shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and upped their price objective for the company from $60.83 to $65.00 in a research note on Tuesday, October 15th. Finally, Morgan Stanley dropped their price objective on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a report on Monday, September 30th.

Insiders Place Their Bets

In related news, EVP Ather Williams III sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total value of $3,822,000.00. Following the completion of the transaction, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at $10,421,957. This trade represents a 26.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction 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 of the company’s stock, valued at approximately $7,853,327.13. This represents a 21.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in WFC. Mattson Financial Services LLC acquired a new stake in Wells Fargo & Company in the 2nd quarter valued at about $25,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Wells Fargo & Company in the second quarter valued at about $26,000. Truvestments Capital LLC acquired a new stake in shares of Wells Fargo & Company in the third quarter valued at approximately $29,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Wells Fargo & Company during the 3rd quarter worth approximately $34,000. Finally, FSA Wealth Management LLC purchased a new position in shares of Wells Fargo & Company during the 3rd quarter worth approximately $34,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $70.80 on Wednesday. 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 has a fifty day simple moving average of $69.52 and a 200-day simple moving average of $61.37. The stock has a market cap of $235.73 billion, a P/E ratio of 14.72, a price-to-earnings-growth ratio of 1.47 and a beta of 1.16. Wells Fargo & Company has a 12-month low of $46.12 and a 12-month high of $78.13.

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

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date was Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 33.26%.

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.