Wells Fargo & Company (NYSE:WFC) Price Target Raised to $77.00 at Evercore ISI

Wells Fargo & Company (NYSE:WFC) had its price target hoisted by Evercore ISI from $71.00 to $77.00 in a research report sent to investors on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Other equities analysts also recently issued research reports about the company. The Goldman Sachs Group dropped their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. Compass Point increased their target price on Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Wolfe Research upgraded Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price on the stock in a research report on Tuesday, October 8th. Piper Sandler increased their target price on Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Finally, Keefe, Bruyette & Woods lowered their price objective on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a research report on Monday, July 15th. Thirteen investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $62.12.

Wells Fargo & Company Stock Performance

WFC stock opened at $65.41 on Wednesday. The firm has a market cap of $222.64 billion, a PE ratio of 13.60, a P/E/G ratio of 1.46 and a beta of 1.16. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The business has a 50 day moving average of $58.16 and a 200-day moving average of $58.44. Wells Fargo & Company has a 12-month low of $39.24 and a 12-month high of $66.39.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.14. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The company had revenue of $20.37 billion during the quarter, compared to analyst estimates of $20.40 billion. During the same period in the prior year, the company posted $1.39 earnings per share. Wells Fargo & Company’s quarterly revenue was down 2.4% on a year-over-year basis. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.36 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be paid a dividend of $0.40 per share. The ex-dividend date is Friday, November 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.45%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 33.26%.

Insider Activity

In related news, EVP Ather Williams III sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total value of $3,822,000.00. Following the sale, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at $10,421,957. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Beurden Saul Van sold 35,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $61.99, for a total value of $2,169,650.00. Following the sale, 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 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Ather Williams III sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total value 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 $10,421,957. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Institutional Trading of Wells Fargo & Company

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Ellenbecker Investment Group lifted its holdings in Wells Fargo & Company by 3.9% in the third quarter. Ellenbecker Investment Group now owns 4,418 shares of the financial services provider’s stock worth $250,000 after buying an additional 164 shares during the period. Income Research & Management purchased a new stake in Wells Fargo & Company in the third quarter worth about $211,000. Modera Wealth Management LLC lifted its holdings in Wells Fargo & Company by 0.9% in the third quarter. Modera Wealth Management LLC now owns 18,014 shares of the financial services provider’s stock worth $1,018,000 after buying an additional 167 shares during the period. Catalina Capital Group LLC lifted its holdings in Wells Fargo & Company by 1.7% in the third quarter. Catalina Capital Group LLC now owns 9,886 shares of the financial services provider’s stock worth $558,000 after buying an additional 168 shares during the period. Finally, John W. Brooker & Co. CPAs lifted its holdings in Wells Fargo & Company by 2.5% in the second quarter. John W. Brooker & Co. CPAs now owns 7,075 shares of the financial services provider’s stock worth $420,000 after buying an additional 171 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Company Profile

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.