Wells Fargo & Company (NYSE:WFC) Given New $86.00 Price Target at The Goldman Sachs Group

Wells Fargo & Company (NYSE:WFC) had its price target boosted by The Goldman Sachs Group from $76.00 to $86.00 in a research report released on Tuesday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the financial services provider’s stock.

Several other research analysts have also recently commented on the stock. Bank of America raised their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, June 4th. Raymond James decreased their target price on shares of Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating for the company in a report on Monday, April 14th. Barclays decreased their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a report on Monday, April 14th. JPMorgan Chase & Co. decreased their target price on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Finally, Piper Sandler reiterated an “overweight” rating and issued a $85.00 target price (up from $75.00) on shares of Wells Fargo & Company in a report on Wednesday, June 4th. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.68.

Wells Fargo & Company Trading Down 1.3%

Shares of NYSE:WFC opened at $75.46 on Tuesday. The stock has a market capitalization of $245.56 billion, a price-to-earnings ratio of 14.03, a PEG ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The company has a 50 day moving average price of $70.70 and a 200 day moving average price of $72.97.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company’s revenue was down 3.4% compared to the same quarter last year. During the same period last year, the company posted $1.20 EPS. On average, research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company declared that its Board of Directors has initiated a share buyback program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were paid a $0.40 dividend. The ex-dividend date was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.12%. Wells Fargo & Company’s payout ratio is presently 28.73%.

Hedge Funds Weigh In On Wells Fargo & Company

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new position in Wells Fargo & Company during the fourth quarter worth $3,365,658,000. Northern Trust Corp increased its position in Wells Fargo & Company by 10.7% during the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider’s stock worth $2,411,992,000 after acquiring an additional 3,307,855 shares during the period. Dimensional Fund Advisors LP increased its position in Wells Fargo & Company by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 20,497,429 shares of the financial services provider’s stock worth $1,471,259,000 after acquiring an additional 128,207 shares during the period. Capital Research Global Investors increased its position in Wells Fargo & Company by 932.0% during the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider’s stock worth $1,105,218,000 after acquiring an additional 14,210,193 shares during the period. Finally, Capital World Investors increased its position in Wells Fargo & Company by 0.4% during the fourth quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider’s stock worth $977,338,000 after acquiring an additional 62,099 shares during the period. Institutional investors own 75.90% of the company’s stock.

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.