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

Wells Fargo & Company (NYSE:WFC) had its price target decreased by The Goldman Sachs Group from $109.00 to $93.00 in a research report released on Monday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the financial services provider’s stock.

Other equities analysts have also issued research reports about the company. Evercore reaffirmed an “outperform” rating on shares of Wells Fargo & Company in a report on Friday, March 6th. Robert W. Baird raised Wells Fargo & Company from an “underperform” rating to a “neutral” rating and set a $85.00 target price for the company in a report on Friday, February 13th. CICC Research assumed coverage on Wells Fargo & Company in a research report on Wednesday, January 14th. They issued a “market perform” rating and a $96.00 target price for the company. Truist Financial dropped their price target on Wells Fargo & Company from $98.00 to $94.00 and set a “buy” rating on the stock in a research note on Tuesday, March 17th. Finally, Barclays lifted their price target on Wells Fargo & Company from $94.00 to $113.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Thirteen research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, Wells Fargo & Company presently has an average rating of “Moderate Buy” and a consensus price target of $96.82.

Wells Fargo & Company Trading Up 0.9%

Shares of Wells Fargo & Company stock opened at $78.27 on Monday. The company has a fifty day simple moving average of $85.45 and a 200-day simple moving average of $86.32. Wells Fargo & Company has a 12-month low of $58.42 and a 12-month high of $97.76. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.05. The stock has a market cap of $241.53 billion, a price-to-earnings ratio of 12.48, a PEG ratio of 0.85 and a beta of 1.08.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $1.76 EPS for the quarter, topping the consensus estimate of $1.66 by $0.10. Wells Fargo & Company had a net margin of 17.27% and a return on equity of 12.90%. The firm had revenue of $21.29 billion for the quarter, compared to analyst estimates of $21.63 billion. During the same period last year, the business earned $1.43 EPS. Wells Fargo & Company’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, equities analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, March 1st. Stockholders of record on Friday, February 6th were paid a dividend of $0.45 per share. The ex-dividend date was Friday, February 6th. This represents a $1.80 annualized dividend and a dividend yield of 2.3%. Wells Fargo & Company’s dividend payout ratio is 28.71%.

Insider Buying and Selling

In related news, EVP Bridget E. Engle sold 30,000 shares of the business’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $87.10, for a total value of $2,613,000.00. Following the transaction, the executive vice president owned 83,478 shares in the company, valued at $7,270,933.80. The trade was a 26.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Ellen R. Patterson sold 60,000 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $87.40, for a total value of $5,244,000.00. Following the sale, the executive vice president directly owned 169,496 shares of the company’s stock, valued at approximately $14,813,950.40. This represents a 26.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 115,000 shares of company stock valued at $10,050,000 over the last quarter. 0.08% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Private Wealth Group LLC increased its stake in Wells Fargo & Company by 2.5% in the 4th quarter. Private Wealth Group LLC now owns 4,514 shares of the financial services provider’s stock valued at $421,000 after buying an additional 108 shares during the period. Nixon Peabody Trust Co. lifted its stake in shares of Wells Fargo & Company by 3.6% in the 4th quarter. Nixon Peabody Trust Co. now owns 3,351 shares of the financial services provider’s stock worth $312,000 after acquiring an additional 115 shares during the period. Simmons Bank lifted its stake in shares of Wells Fargo & Company by 1.9% in the 4th quarter. Simmons Bank now owns 6,359 shares of the financial services provider’s stock worth $593,000 after acquiring an additional 116 shares during the period. Moss Adams Wealth Advisors LLC boosted its holdings in shares of Wells Fargo & Company by 1.0% in the fourth quarter. Moss Adams Wealth Advisors LLC now owns 12,048 shares of the financial services provider’s stock valued at $1,123,000 after acquiring an additional 117 shares in the last quarter. Finally, Main Street Group LTD boosted its holdings in shares of Wells Fargo & Company by 36.9% in the third quarter. Main Street Group LTD now owns 438 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 118 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.