Wells Fargo & Company (NYSE:WFC) Given New $93.00 Price Target at UBS Group

Wells Fargo & Company (NYSE:WFC) had its price objective lowered by UBS Group from $95.00 to $93.00 in a research report report published on Tuesday, MarketBeat Ratings reports. UBS Group currently has a buy rating on the financial services provider’s stock.

Other equities research analysts have also issued research reports about the stock. Truist Financial increased their price objective on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Saturday. Cowen reissued a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Citigroup increased their price objective on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Wells Fargo & Company in a report on Saturday, September 27th. Eight investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, Wells Fargo & Company has an average rating of “Hold” and an average target price of $85.41.

Wells Fargo & Company Trading Up 0.5%

Shares of Wells Fargo & Company stock opened at $81.09 on Tuesday. The stock has a market capitalization of $259.75 billion, a P/E ratio of 13.88, a price-to-earnings-growth ratio of 1.24 and a beta of 1.25. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The company has a 50-day simple moving average of $80.69 and a 200 day simple moving average of $76.42. Wells Fargo & Company has a 12-month low of $57.07 and a 12-month high of $86.65.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion during the quarter, compared to analysts’ expectations of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the company posted $1.33 EPS. Research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were paid a $0.45 dividend. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. Wells Fargo & Company’s payout ratio is 30.82%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Traphagen Investment Advisors LLC boosted its stake in shares of Wells Fargo & Company by 2.0% in the 3rd quarter. Traphagen Investment Advisors LLC now owns 6,346 shares of the financial services provider’s stock valued at $532,000 after purchasing an additional 127 shares during the last quarter. Wealth Management Partners LLC boosted its stake in shares of Wells Fargo & Company by 3.5% in the 2nd quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider’s stock valued at $313,000 after purchasing an additional 128 shares during the last quarter. Verum Partners LLC boosted its stake in shares of Wells Fargo & Company by 1.8% in the 2nd quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider’s stock valued at $582,000 after purchasing an additional 128 shares during the last quarter. Motive Wealth Advisors boosted its stake in shares of Wells Fargo & Company by 3.7% in the 2nd quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider’s stock valued at $293,000 after purchasing an additional 129 shares during the last quarter. Finally, Exencial Wealth Advisors LLC boosted its stake in shares of Wells Fargo & Company by 0.7% in the 2nd quarter. Exencial Wealth Advisors LLC now owns 18,009 shares of the financial services provider’s stock valued at $1,443,000 after purchasing an additional 131 shares during the last quarter. 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.