Wells Fargo & Company (NYSE:WFC) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Napoleon Elizer

Shares of Wells Fargo & Company (NYSE:WFC) have been given an average rating of “Moderate Buy” by the nineteen brokerages that are presently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $55.97.

WFC has been the topic of several analyst reports. Morgan Stanley upped their price target on shares of Wells Fargo & Company from $59.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, July 18th. Jefferies Financial Group dropped their price target on shares of Wells Fargo & Company from $55.00 to $47.00 in a research report on Monday, July 11th. Raymond James dropped their price target on shares of Wells Fargo & Company from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, June 24th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Wells Fargo & Company from $62.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, September 12th. Finally, Piper Sandler set a $48.00 price target on shares of Wells Fargo & Company in a research report on Monday, June 20th.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $40.22 on Monday. Wells Fargo & Company has a 12 month low of $36.54 and a 12 month high of $60.30. The firm has a fifty day simple moving average of $43.63 and a 200 day simple moving average of $44.01. The stock has a market capitalization of $152.56 billion, a price-to-earnings ratio of 9.65, a PEG ratio of 0.99 and a beta of 1.16. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.94.

Wells Fargo & Company (NYSE:WFC – Get Rating) last announced its earnings results on Friday, July 15th. The financial services provider reported $0.74 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.03). Wells Fargo & Company had a return on equity of 10.67% and a net margin of 22.52%. The business had revenue of $17.03 billion for the quarter, compared to analyst estimates of $17.54 billion. During the same quarter in the previous year, the company posted $1.38 EPS. The business’s revenue for the quarter was down 16.0% compared to the same quarter last year. Research analysts forecast that Wells Fargo & Company will post 3.99 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 5th were paid a $0.30 dividend. The ex-dividend date of this dividend was Thursday, August 4th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a dividend yield of 2.98%. Wells Fargo & Company’s dividend payout ratio is 28.78%.

Hedge Funds Weigh In On Wells Fargo & Company

Several institutional investors and hedge funds have recently modified their holdings of the business. Inscription Capital LLC acquired a new stake in Wells Fargo & Company during the second quarter worth about $212,000. Hussman Strategic Advisors Inc. acquired a new stake in Wells Fargo & Company during the second quarter worth about $1,018,000. Intersect Capital LLC grew its stake in Wells Fargo & Company by 6.4% during the second quarter. Intersect Capital LLC now owns 24,369 shares of the financial services provider’s stock worth $955,000 after buying an additional 1,476 shares in the last quarter. Verition Fund Management LLC grew its stake in Wells Fargo & Company by 8.4% during the second quarter. Verition Fund Management LLC now owns 332,896 shares of the financial services provider’s stock worth $13,039,000 after buying an additional 25,897 shares in the last quarter. Finally, Fragasso Group Inc. grew its stake in Wells Fargo & Company by 5.3% during the second quarter. Fragasso Group Inc. now owns 146,528 shares of the financial services provider’s stock worth $5,739,000 after buying an additional 7,341 shares in the last quarter. 72.23% of the stock is currently owned by institutional investors and hedge funds.

About Wells Fargo & Company

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

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Analyst Recommendations for Wells Fargo & Company (NYSE:WFC)

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