Wells Fargo & Company (NYSE:WFC) Now Covered by Truist Financial

Truist Financial started coverage on shares of Wells Fargo & Company (NYSE:WFC) in a research note issued to investors on Tuesday,Benzinga reports. The firm issued a buy rating and a $82.00 target price on the financial services provider’s stock.

Other equities analysts have also recently issued reports about the company. Barclays lifted their target price on Wells Fargo & Company from $75.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday. Morgan Stanley cut 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. Evercore ISI raised their target price on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Keefe, Bruyette & Woods boosted their price target on shares of Wells Fargo & Company from $61.00 to $79.00 and gave the company a “market perform” rating in a report on Tuesday, December 3rd. Finally, Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective for the company in a research note on Tuesday, October 8th. Thirteen investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $69.24.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $71.60 on Tuesday. The stock has a market cap of $238.39 billion, a P/E ratio of 14.89, a P/E/G ratio of 1.47 and a beta of 1.18. The firm’s 50-day simple moving average is $71.77 and its 200 day simple moving average is $62.69. Wells Fargo & Company has a fifty-two week low of $46.12 and a fifty-two week high of $78.13. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09.

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

Wells Fargo & Company Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date was Friday, November 8th. Wells Fargo & Company’s payout ratio is presently 33.26%.

Insider Buying and Selling at Wells Fargo & Company

In other news, EVP Beurden Saul Van sold 35,000 shares of the firm’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 transaction of $2,169,650.00. Following the completion of the transaction, the executive vice president now directly owns 126,687 shares of the company’s stock, valued at $7,853,327.13. This trade represents a 21.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction on 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 sale, the executive vice president now directly owns 163,610 shares in the company, valued at approximately $10,421,957. This represents a 26.83 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

Institutional Trading of Wells Fargo & Company

A number of hedge funds and other institutional investors have recently modified their holdings of WFC. Mattson Financial Services LLC acquired a new position in shares of Wells Fargo & Company during the 2nd quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL acquired a new position in Wells Fargo & Company during the second quarter worth $26,000. Truvestments Capital LLC bought a new stake in Wells Fargo & Company during the third quarter worth $29,000. Modus Advisors LLC acquired a new stake in Wells Fargo & Company in the fourth quarter valued at $30,000. Finally, MidAtlantic Capital Management Inc. bought a new position in shares of Wells Fargo & Company in the 3rd quarter valued at about $34,000. 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.