Argus Boosts Wells Fargo & Company (NYSE:WFC) Price Target to $66.00

Wells Fargo & Company (NYSE:WFC) had its price target lifted by Argus from $57.00 to $66.00 in a report published on Monday morning, Benzinga reports. Argus currently has a buy rating on the financial services provider’s stock.

WFC has been the topic of a number of other reports. Evercore ISI lifted their price target on shares of Wells Fargo & Company from $58.00 to $67.00 and gave the stock an outperform rating in a research report on Thursday, March 28th. Compass Point restated a neutral rating and set a $64.00 price objective on shares of Wells Fargo & Company in a report on Tuesday, April 9th. Morgan Stanley raised their price objective on shares of Wells Fargo & Company from $54.00 to $63.00 and gave the stock an overweight rating in a report on Tuesday, January 30th. Raymond James raised their price objective on shares of Wells Fargo & Company from $55.00 to $58.00 and gave the stock a strong-buy rating in a report on Tuesday, January 16th. Finally, Citigroup restated a neutral rating and set a $63.00 price objective (up from $57.00) on shares of Wells Fargo & Company in a report on Wednesday, March 20th. Thirteen investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company has a consensus rating of Hold and an average price target of $58.85.

Wells Fargo & Company Trading Up 1.4 %

Shares of NYSE WFC opened at $57.18 on Monday. The company’s fifty day moving average is $55.42 and its 200-day moving average is $48.61. The stock has a market cap of $202.44 billion, a price-to-earnings ratio of 11.94, a P/E/G ratio of 1.15 and a beta of 1.19. Wells Fargo & Company has a twelve month low of $36.40 and a twelve month high of $58.44. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.10. The company had revenue of $20.86 billion for the quarter, compared to analysts’ expectations of $20.19 billion. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The business’s quarterly revenue was up .6% compared to the same quarter last year. During the same period last year, the firm posted $1.23 earnings per share. Equities research analysts predict that Wells Fargo & Company will post 4.86 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 2nd were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend was Thursday, February 1st. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.23%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank bought a new stake in shares of Wells Fargo & Company during the 4th quarter worth about $2,623,044,000. Northern Trust Corp boosted its holdings in shares of Wells Fargo & Company by 0.3% during the 3rd quarter. Northern Trust Corp now owns 38,197,624 shares of the financial services provider’s stock worth $1,560,755,000 after buying an additional 129,300 shares during the period. Capital World Investors boosted its holdings in shares of Wells Fargo & Company by 1.0% during the 4th quarter. Capital World Investors now owns 26,319,775 shares of the financial services provider’s stock worth $1,295,459,000 after buying an additional 263,176 shares during the period. Moneta Group Investment Advisors LLC boosted its holdings in shares of Wells Fargo & Company by 129,312.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 26,287,479 shares of the financial services provider’s stock worth $1,085,410,000 after buying an additional 26,267,166 shares during the period. Finally, Legal & General Group Plc boosted its holdings in shares of Wells Fargo & Company by 31.3% during the 4th quarter. Legal & General Group Plc now owns 25,640,835 shares of the financial services provider’s stock worth $1,262,043,000 after buying an additional 6,118,817 shares during the period. Institutional investors own 75.90% of the company’s stock.

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.