Wells Fargo & Company (NYSE:WFC) Shares Up 1% Following Analyst Upgrade

Wells Fargo & Company (NYSE:WFC) shares rose 1% during mid-day trading on Monday after Morgan Stanley raised their price target on the stock from $79.00 to $80.00. Morgan Stanley currently has an overweight rating on the stock. Wells Fargo & Company traded as high as $64.34 and last traded at $61.57. Approximately 13,453,354 shares traded hands during trading, a decline of 22% from the average daily volume of 17,246,504 shares. The stock had previously closed at $60.98.

Other equities research analysts have also recently issued research reports about the company. Truist Financial lowered their target price on Wells Fargo & Company from $86.00 to $84.00 and set a “buy” rating on the stock in a report on Friday. Compass Point lifted their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Citigroup reduced their target price on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Keefe, Bruyette & Woods lifted their price target on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a report on Thursday, January 16th. Finally, UBS Group lifted their target price on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Nine investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Wells Fargo & Company has an average rating of “Moderate Buy” and a consensus price target of $75.55.

Institutional Investors Weigh In On Wells Fargo & Company

Several institutional investors have recently bought and sold shares of the business. Spinnaker Trust boosted its position in Wells Fargo & Company by 1.8% during the 4th quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider’s stock worth $520,000 after purchasing an additional 130 shares during the period. Shakespeare Wealth Management LLC lifted its stake in shares of Wells Fargo & Company by 0.9% during the fourth quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider’s stock worth $972,000 after purchasing an additional 130 shares in the last quarter. MONECO Advisors LLC boosted its position in shares of Wells Fargo & Company by 1.9% in the fourth quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider’s stock worth $493,000 after buying an additional 134 shares during the period. Safeguard Investment Advisory Group LLC grew its stake in shares of Wells Fargo & Company by 2.4% in the fourth quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider’s stock valued at $410,000 after buying an additional 137 shares in the last quarter. Finally, Crown Wealth Group LLC raised its holdings in shares of Wells Fargo & Company by 2.2% during the 4th quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider’s stock valued at $467,000 after buying an additional 140 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Up 1.9 %

The stock has a market capitalization of $202.81 billion, a price-to-earnings ratio of 11.55, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02. The firm has a 50-day moving average of $74.62 and a 200 day moving average of $70.72. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. During the same period in the prior year, the firm earned $0.86 earnings per share. The business’s quarterly revenue was down .5% compared to the same quarter last year. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 annualized dividend and a dividend yield of 2.58%. Wells Fargo & Company’s dividend payout ratio is presently 29.74%.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.