Wells Fargo & Company (NYSE:WFC) PT Raised to $61.50

Wells Fargo & Company (NYSE:WFC) had its target price boosted by JPMorgan Chase & Co. from $59.00 to $61.50 in a research report sent to investors on Wednesday, Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

Several other analysts have also recently commented on WFC. Citigroup reaffirmed a neutral rating and issued a $63.00 target price (up previously from $57.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 20th. Odeon Capital Group downgraded Wells Fargo & Company from a buy rating to a hold rating and set a $48.80 target price on the stock. in a report on Thursday, January 18th. Barclays raised their price target on shares of Wells Fargo & Company from $54.00 to $66.00 and gave the stock an overweight rating in a report on Tuesday, January 2nd. StockNews.com upgraded shares of Wells Fargo & Company from a sell rating to a hold rating in a research note on Monday, April 15th. Finally, Oppenheimer reiterated a market perform rating on shares of Wells Fargo & Company in a research report on Monday, April 15th. Fourteen equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company presently has an average rating of Hold and an average price target of $58.99.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock opened at $59.94 on Wednesday. Wells Fargo & Company has a 52 week low of $36.40 and a 52 week high of $61.76. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14. The stock has a market cap of $212.21 billion, a PE ratio of 12.51, a price-to-earnings-growth ratio of 1.15 and a beta of 1.18. The company’s 50-day moving average price is $57.51 and its two-hundred day moving average price is $50.10.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The business had revenue of $20.86 billion during the quarter, compared to analyst estimates of $20.19 billion. During the same period last year, the company posted $1.23 EPS. The company’s revenue was up .6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 5.06 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 10th will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, May 9th. This represents a $1.40 dividend on an annualized basis and a yield of 2.34%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.23%.

Institutional Trading of Wells Fargo & Company

Several large investors have recently modified their holdings of WFC. Norges Bank bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth $2,623,044,000. LSV Asset Management lifted its position in shares of Wells Fargo & Company by 40.4% during the 4th quarter. LSV Asset Management now owns 9,308,450 shares of the financial services provider’s stock worth $458,162,000 after buying an additional 2,677,050 shares in the last quarter. Panagora Asset Management Inc. lifted its position in shares of Wells Fargo & Company by 131.0% during the 3rd quarter. Panagora Asset Management Inc. now owns 3,453,854 shares of the financial services provider’s stock worth $141,124,000 after buying an additional 1,958,483 shares in the last quarter. Morningstar Investment Services LLC boosted its stake in shares of Wells Fargo & Company by 103.7% in the 4th quarter. Morningstar Investment Services LLC now owns 3,833,570 shares of the financial services provider’s stock worth $189,684,000 after buying an additional 1,951,477 shares during the last quarter. Finally, Nordea Investment Management AB grew its holdings in shares of Wells Fargo & Company by 42.7% in the fourth quarter. Nordea Investment Management AB now owns 5,780,421 shares of the financial services provider’s stock valued at $285,668,000 after acquiring an additional 1,729,132 shares in the last quarter. 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.