Brokerages Set Wells Fargo & Company (NYSE:WFC) Price Target at $89.57

Wells Fargo & Company (NYSE:WFC) has been assigned an average recommendation of “Moderate Buy” from the nineteen analysts that are presently covering the company, Marketbeat reports. Eight investment analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $89.5667.

Several brokerages have recently weighed in on WFC. Evercore ISI increased their price objective on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. The Goldman Sachs Group cut their price target on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a report on Wednesday, July 16th. Cowen restated a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, October 15th. TD Cowen lifted their price objective on shares of Wells Fargo & Company from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Wednesday, October 15th. Finally, Bank of America lifted their price objective on shares of Wells Fargo & Company from $92.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th.

Institutional Trading of Wells Fargo & Company

A number of hedge funds have recently made changes to their positions in WFC. Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of Wells Fargo & Company by 2,735,254.3% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock valued at $76,095,550,000 after purchasing an additional 949,735,001 shares during the period. Norges Bank acquired a new stake in shares of Wells Fargo & Company during the second quarter worth approximately $3,990,551,000. Massachusetts Financial Services Co. MA grew its position in shares of Wells Fargo & Company by 277.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock worth $771,092,000 after buying an additional 7,894,919 shares in the last quarter. Amundi grew its position in shares of Wells Fargo & Company by 18.2% during the second quarter. Amundi now owns 14,155,753 shares of the financial services provider’s stock worth $1,165,868,000 after buying an additional 2,180,693 shares in the last quarter. Finally, Laurel Wealth Advisors LLC grew its position in shares of Wells Fargo & Company by 8,010.7% during the second quarter. Laurel Wealth Advisors LLC now owns 1,973,730 shares of the financial services provider’s stock worth $158,135,000 after buying an additional 1,949,395 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 0.2%

Shares of WFC stock opened at $86.96 on Friday. The firm has a market cap of $278.57 billion, a P/E ratio of 14.30, a PEG ratio of 1.18 and a beta of 1.22. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $88.50. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84. The firm’s 50-day simple moving average is $83.09 and its 200-day simple moving average is $79.06.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.11. The business had revenue of $21.44 billion for the quarter, compared to analyst estimates of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The company’s revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.42 EPS. As a group, equities analysts forecast 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 will be paid on Monday, December 1st. Stockholders of record on Friday, November 7th will be paid a dividend of $0.45 per share. The ex-dividend date is Friday, November 7th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.61%.

About Wells Fargo & Company

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.