Wells Fargo & Co (NYSE:WFC)‘s stock had its “outperform” rating reissued by investment analysts at Evercore ISI in a note issued to investors on Tuesday, April 18th. They presently have a $64.00 target price on the financial services provider’s stock. Evercore ISI’s price objective suggests a potential upside of 22.18% from the stock’s current price.
Other analysts have also issued research reports about the company. Vetr lowered Wells Fargo & Co from a “sell” rating to a “strong sell” rating and set a $48.64 price objective on the stock. in a report on Monday, December 26th. Zacks Investment Research lowered Wells Fargo & Co from a “buy” rating to a “hold” rating in a report on Saturday, December 31st. Deutsche Bank AG reissued a “buy” rating on shares of Wells Fargo & Co in a report on Friday, December 23rd. Bank of America Corp reissued a “buy” rating and set a $50.00 price objective on shares of Wells Fargo & Co in a report on Wednesday, January 11th. Finally, Citigroup Inc reissued a “buy” rating and set a $62.00 price objective (up previously from $51.00) on shares of Wells Fargo & Co in a report on Tuesday, January 10th. Five analysts have rated the stock with a sell rating, twelve have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Wells Fargo & Co has a consensus rating of “Hold” and an average price target of $55.45.
Wells Fargo & Co (NYSE:WFC) traded up 1.30% on Tuesday, hitting $53.06. 16,894,389 shares of the stock were exchanged. Wells Fargo & Co has a 12 month low of $43.55 and a 12 month high of $59.99. The company has a 50-day moving average of $54.07 and a 200 day moving average of $54.80. The firm has a market cap of $265.16 billion, a P/E ratio of 13.27 and a beta of 0.98.
Wells Fargo & Co (NYSE:WFC) last released its earnings results on Thursday, April 13th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.03. The firm had revenue of $22 billion for the quarter, compared to analyst estimates of $22.25 billion. Wells Fargo & Co had a return on equity of 12.60% and a net margin of 23.30%. The company’s revenue was down .9% on a year-over-year basis. During the same quarter last year, the firm posted $0.99 EPS. Equities research analysts expect that Wells Fargo & Co will post $4.15 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Stockholders of record on Friday, May 5th will be given a dividend of $0.38 per share. The ex-dividend date is Wednesday, May 3rd. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.90%. Wells Fargo & Co’s payout ratio is currently 38.10%.
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In related news, Director Ronald Sargent acquired 9,050 shares of the firm’s stock in a transaction that occurred on Friday, May 5th. The stock was acquired at an average cost of $55.15 per share, with a total value of $499,107.50. Following the completion of the purchase, the director now directly owns 81 shares in the company, valued at $4,467.15. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David M. Carroll sold 117,704 shares of Wells Fargo & Co stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $59.02, for a total value of $6,946,890.08. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 106,392 shares of company stock valued at $5,526,822. 0.29% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in WFC. Acadian Asset Management LLC boosted its stake in shares of Wells Fargo & Co by 97.7% in the third quarter. Acadian Asset Management LLC now owns 2,511,003 shares of the financial services provider’s stock worth $111,188,000 after buying an additional 1,240,585 shares during the period. Toronto Dominion Bank boosted its stake in shares of Wells Fargo & Co by 46.9% in the third quarter. Toronto Dominion Bank now owns 313,675 shares of the financial services provider’s stock worth $13,904,000 after buying an additional 100,182 shares during the period. Cardinal Capital Management boosted its stake in shares of Wells Fargo & Co by 2.5% in the third quarter. Cardinal Capital Management now owns 76,835 shares of the financial services provider’s stock worth $3,402,000 after buying an additional 1,875 shares during the period. Duncker Streett & Co. Inc. boosted its stake in shares of Wells Fargo & Co by 2.7% in the third quarter. Duncker Streett & Co. Inc. now owns 44,754 shares of the financial services provider’s stock worth $1,982,000 after buying an additional 1,179 shares during the period. Finally, Lederer & Associates Investment Counsel CA bought a new stake in shares of Wells Fargo & Co during the fourth quarter worth approximately $2,036,000. 73.25% of the stock is owned by institutional investors and hedge funds.
About Wells Fargo & Co
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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