Wells Fargo & Company (NYSE:WFC) Upgraded at Dbs Bank

Dbs Bank upgraded shares of Wells Fargo & Company (NYSE:WFC) from a hold rating to a moderate buy rating in a research report report published on Thursday,Zacks.com reports.

WFC has been the topic of a number of other research reports. Evercore ISI reiterated an “outperform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Morgan Stanley upped their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a report on Wednesday, June 4th. TD Cowen started coverage on shares of Wells Fargo & Company in a report on Thursday, May 15th. They issued a “hold” rating and a $83.00 price target on the stock. Bank of America upped their price target 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. Finally, Piper Sandler restated an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Nine analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.39.

Wells Fargo & Company Price Performance

NYSE WFC opened at $80.64 on Thursday. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $83.95. The company’s 50 day moving average is $77.14 and its two-hundred day moving average is $74.21. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06. The stock has a market cap of $262.42 billion, a price-to-earnings ratio of 13.81, a PEG ratio of 1.34 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. During the same quarter in the previous year, the firm earned $1.33 earnings per share. The company’s quarterly revenue was up .6% compared to the same quarter last year. As a group, research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio is presently 27.40%.

Wells Fargo & Company announced that its board has authorized a stock repurchase program on Tuesday, April 29th that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Wells Fargo & Company

Several institutional investors have recently added to or reduced their stakes in WFC. CHURCHILL MANAGEMENT Corp raised its stake in shares of Wells Fargo & Company by 1.4% during the second quarter. CHURCHILL MANAGEMENT Corp now owns 254,395 shares of the financial services provider’s stock worth $20,382,000 after purchasing an additional 3,409 shares during the last quarter. Warren Street Wealth Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the second quarter worth approximately $224,000. Naples Global Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the second quarter worth approximately $366,000. Pure Financial Advisors LLC raised its stake in shares of Wells Fargo & Company by 3.9% during the second quarter. Pure Financial Advisors LLC now owns 20,993 shares of the financial services provider’s stock worth $1,682,000 after purchasing an additional 786 shares during the last quarter. Finally, B.O.S.S. Retirement Advisors LLC raised its stake in shares of Wells Fargo & Company by 15.8% during the second quarter. B.O.S.S. Retirement Advisors LLC now owns 7,171 shares of the financial services provider’s stock worth $575,000 after purchasing an additional 978 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

About Wells Fargo & Company

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.