Wells Fargo & Company (NYSE:WFC) Upgraded to “Strong-Buy” at Phillip Securities

Phillip Securities upgraded shares of Wells Fargo & Company (NYSE:WFC) from a moderate buy rating to a strong-buy rating in a research note released on Monday,Zacks.com reports.

A number of other research analysts also recently weighed in on the company. Royal Bank of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a report on Thursday, March 13th. JPMorgan Chase & Co. lowered their target price on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Barclays dropped their target price on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating on the stock in a report on Monday. Piper Sandler decreased their price target on shares of Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating for the company in a report on Monday. Finally, Truist Financial lowered their price target on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating for the company in a research note on Monday. Six research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.34.

Wells Fargo & Company Price Performance

NYSE WFC opened at $64.58 on Monday. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The company has a market cap of $210.87 billion, a PE ratio of 12.00, a PEG ratio of 1.18 and a beta of 1.02. The stock’s 50-day moving average price is $72.15 and its two-hundred day moving average price is $70.97.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same quarter in the previous year, the business earned $1.20 earnings per share. The firm’s revenue was down 3.4% compared to the same quarter last year. On average, analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were given a $0.40 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.48%. Wells Fargo & Company’s dividend payout ratio is currently 28.73%.

Institutional Investors Weigh In On Wells Fargo & Company

A number of institutional investors have recently bought and sold shares of the business. Rialto Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $26,000. Investment Counsel Co. of Nevada acquired a new stake in Wells Fargo & Company during the fourth quarter valued at approximately $28,000. BNP Paribas bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at approximately $28,000. Modus Advisors LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $30,000. Finally, McClarren Financial Advisors Inc. bought a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $30,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.