Wells Fargo & Company (NYSE:WFC) Given New $88.00 Price Target at Truist Financial

Wells Fargo & Company (NYSE:WFC) had its price target hoisted by Truist Financial from $86.00 to $88.00 in a report released on Wednesday,Benzinga reports. Truist Financial currently has a buy rating on the financial services provider’s stock.

Several other research analysts also recently commented on WFC. Cowen reaffirmed a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Friday, August 22nd. Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Morgan Stanley increased their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 4th. Finally, Evercore ISI reiterated an “outperform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus price target of $82.97.

Wells Fargo & Company Stock Down 0.2%

WFC opened at $84.18 on Wednesday. The company has a 50 day moving average of $80.66 and a 200 day moving average of $75.62. The company has a market cap of $269.65 billion, a PE ratio of 14.41, a price-to-earnings-growth ratio of 1.30 and a beta of 1.25. Wells Fargo & Company has a 12 month low of $53.31 and a 12 month high of $86.65. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data 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. The company had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. Wells Fargo & Company’s revenue for the quarter was up .6% on a year-over-year basis. During the same period last year, the firm earned $1.33 EPS. On average, sell-side analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Friday, August 8th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s dividend payout ratio is 30.82%.

Hedge Funds Weigh In On Wells Fargo & Company

A number of large investors have recently added to or reduced their stakes in WFC. Access Investment Management LLC purchased a new position in Wells Fargo & Company in the 2nd quarter worth $25,000. CBIZ Investment Advisory Services LLC raised its position in Wells Fargo & Company by 585.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 322 shares during the period. McElhenny Sheffield Capital Management LLC purchased a new position in Wells Fargo & Company in the 2nd quarter worth $27,000. Motco raised its position in Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 326 shares during the period. Finally, Accent Capital Management LLC purchased a new position in Wells Fargo & Company in the 1st quarter worth $29,000. Hedge funds and other 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.