Morgan Stanley Increases Wells Fargo & Company (NYSE:WFC) Price Target to $64.00

Wells Fargo & Company (NYSE:WFC) had its price objective lifted by Morgan Stanley from $63.00 to $64.00 in a research report report published on Monday, Benzinga reports. Morgan Stanley currently has an overweight rating on the financial services provider’s stock.

WFC has been the subject of a number of other research reports. Odeon Capital Group cut shares of Wells Fargo & Company from a buy rating to a hold rating and set a $48.80 target price for the company. in a research report on Thursday, January 18th. Keefe, Bruyette & Woods restated a market perform rating and set a $62.00 target price (up previously from $56.00) on shares of Wells Fargo & Company in a report on Wednesday, March 27th. Barclays lifted their price target on Wells Fargo & Company from $54.00 to $66.00 and gave the company an overweight rating in a report on Tuesday, January 2nd. Raymond James increased 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, Jefferies Financial Group boosted their target price on shares of Wells Fargo & Company from $52.00 to $60.00 and gave the stock a hold rating in a research note on Monday, April 8th. Thirteen research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $58.85.

Wells Fargo & Company Trading Up 2.7 %

NYSE WFC opened at $58.74 on Monday. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14. Wells Fargo & Company has a 1-year low of $36.40 and a 1-year high of $59.13. The firm’s fifty day simple moving average is $55.63 and its 200-day simple moving average is $48.68. The company has a market capitalization of $207.96 billion, a PE ratio of 12.26, a price-to-earnings-growth ratio of 1.10 and a beta of 1.19.

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. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The company had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. During the same quarter in the previous year, the firm earned $1.23 earnings per share. The business’s quarterly revenue was up .6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 5.04 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 2nd were given a dividend of $0.35 per share. The ex-dividend date was Thursday, February 1st. This represents a $1.40 annualized dividend and a dividend yield of 2.38%. Wells Fargo & Company’s payout ratio is currently 29.23%.

Hedge Funds Weigh In On Wells Fargo & Company

Several institutional investors and hedge funds have recently made changes to their positions in the company. MV Capital Management Inc. grew its stake in Wells Fargo & Company by 7.8% in the first quarter. MV Capital Management Inc. now owns 15,303 shares of the financial services provider’s stock valued at $887,000 after acquiring an additional 1,107 shares during the period. Leonard Rickey Investment Advisors P.L.L.C. raised its holdings in shares of Wells Fargo & Company by 18.0% during the first quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 5,184 shares of the financial services provider’s stock worth $300,000 after acquiring an additional 791 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of Wells Fargo & Company by 28.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 473,444 shares of the financial services provider’s stock worth $27,441,000 after buying an additional 106,260 shares in the last quarter. Tributary Capital Management LLC lifted its stake in Wells Fargo & Company by 19.5% in the 1st quarter. Tributary Capital Management LLC now owns 11,650 shares of the financial services provider’s stock valued at $675,000 after acquiring an additional 1,900 shares in the last quarter. Finally, Miracle Mile Advisors LLC grew its position in Wells Fargo & Company by 1.2% in the first quarter. Miracle Mile Advisors LLC now owns 20,454 shares of the financial services provider’s stock valued at $1,186,000 after purchasing an additional 235 shares in the last quarter. Institutional investors and hedge funds 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.