Wells Fargo & Company (NYSE:WFC) Given New $66.00 Price Target at Argus

Wells Fargo & Company (NYSE:WFC) had its target price lifted by Argus from $57.00 to $66.00 in a research note released on Monday morning, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

A number of other analysts have also commented on the stock. Oppenheimer restated a market perform rating on shares of Wells Fargo & Company in a research note on Monday. Keefe, Bruyette & Woods reaffirmed a market perform rating and set a $62.00 price objective (up from $56.00) on shares of Wells Fargo & Company in a report on Wednesday, March 27th. Evercore ISI lifted their price objective on shares of Wells Fargo & Company from $58.00 to $67.00 and gave the stock an outperform rating in a report on Thursday, March 28th. Barclays boosted their price target on shares of Wells Fargo & Company from $54.00 to $66.00 and gave the stock an overweight rating in a report on Tuesday, January 2nd. Finally, Compass Point reissued a neutral rating and issued a $64.00 price target on shares of Wells Fargo & Company in a report on Tuesday, April 9th. Thirteen research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $58.85.

Wells Fargo & Company Stock Up 2.7 %

Shares of NYSE WFC opened at $58.74 on Monday. The company has a market capitalization of $207.96 billion, a P/E ratio of 12.26, a price-to-earnings-growth ratio of 1.10 and a beta of 1.19. Wells Fargo & Company has a 52-week low of $36.40 and a 52-week high of $59.13. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.86 and a current ratio of 0.87. The company’s 50 day moving average price is $55.63 and its 200-day moving average price is $48.68.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.10. The company had revenue of $20.86 billion during the quarter, compared to analyst estimates of $20.19 billion. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. Wells Fargo & Company’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.23 EPS. Equities analysts forecast that Wells Fargo & Company will post 5.04 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 2nd were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date was Thursday, February 1st. Wells Fargo & Company’s payout ratio is currently 29.23%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new stake in Wells Fargo & Company in the fourth quarter worth $2,623,044,000. Northern Trust Corp raised its stake in shares of Wells Fargo & Company by 0.3% in the third quarter. Northern Trust Corp now owns 38,197,624 shares of the financial services provider’s stock worth $1,560,755,000 after buying an additional 129,300 shares during the period. Capital World Investors raised its stake in shares of Wells Fargo & Company by 1.0% in the fourth quarter. Capital World Investors now owns 26,319,775 shares of the financial services provider’s stock worth $1,295,459,000 after buying an additional 263,176 shares during the period. Moneta Group Investment Advisors LLC raised its stake in shares of Wells Fargo & Company by 129,312.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 26,287,479 shares of the financial services provider’s stock worth $1,085,410,000 after buying an additional 26,267,166 shares during the period. Finally, Legal & General Group Plc grew its position in shares of Wells Fargo & Company by 31.3% during the fourth quarter. Legal & General Group Plc now owns 25,640,835 shares of the financial services provider’s stock worth $1,262,043,000 after purchasing an additional 6,118,817 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.