Wells Fargo & Company (NYSE:WFC) Shares Up 1% on Analyst Upgrade

Wells Fargo & Company (NYSE:WFC) shares rose 1% on Monday after Piper Sandler upgraded the stock from a neutral rating to an overweight rating. Piper Sandler now has a $77.00 price target on the stock. Wells Fargo & Company traded as high as $64.34 and last traded at $61.57. Approximately 13,453,354 shares changed hands during trading, a decline of 22% from the average daily volume of 17,246,504 shares. The stock had previously closed at $60.98.

WFC has been the subject of several other research reports. JPMorgan Chase & Co. lowered their price objective on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. UBS Group upped their price objective on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Truist Financial cut their target price on Wells Fargo & Company from $86.00 to $84.00 and set a “buy” rating on the stock in a research note on Friday, April 4th. Bank of America lowered their price objective on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. Finally, Morgan Stanley raised their target price on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the company an “overweight” rating in a research report on Monday. Eight investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $75.66.

Hedge Funds Weigh In On Wells Fargo & Company

Several large investors have recently modified their holdings of WFC. Zacks Investment Management grew its position in shares of Wells Fargo & Company by 1.3% in the third quarter. Zacks Investment Management now owns 15,631 shares of the financial services provider’s stock valued at $883,000 after purchasing an additional 197 shares during the last quarter. Continuum Advisory LLC increased its position in Wells Fargo & Company by 2.8% during the third quarter. Continuum Advisory LLC now owns 15,527 shares of the financial services provider’s stock worth $877,000 after acquiring an additional 424 shares during the period. 3Chopt Investment Partners LLC boosted its holdings in Wells Fargo & Company by 3.0% in the 3rd quarter. 3Chopt Investment Partners LLC now owns 47,374 shares of the financial services provider’s stock valued at $2,676,000 after purchasing an additional 1,383 shares during the period. Savoie Capital LLC acquired a new position in shares of Wells Fargo & Company during the 3rd quarter worth approximately $1,130,000. Finally, First Dallas Securities Inc. increased its holdings in shares of Wells Fargo & Company by 2.7% during the third quarter. First Dallas Securities Inc. now owns 7,550 shares of the financial services provider’s stock worth $426,000 after purchasing an additional 200 shares during the period. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Trading Down 0.3 %

The firm has a market capitalization of $202.40 billion, a P/E ratio of 11.52, a PEG ratio of 1.18 and a beta of 1.02. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The firm has a 50 day moving average of $73.97 and a 200-day moving average of $70.69.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company had revenue of $20.38 billion for the quarter, compared to analysts’ expectations of $20.58 billion. During the same quarter last year, the business earned $0.86 earnings per share. Wells Fargo & Company’s revenue was down .5% on a year-over-year basis. On average, equities research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.74%.

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.