Piper Sandler Lowers Wells Fargo & Company (NYSE:WFC) Price Target to $75.00

Wells Fargo & Company (NYSE:WFC) had its target price cut by Piper Sandler from $77.00 to $75.00 in a research note released on Monday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

WFC has been the subject of several other reports. Royal Bank of Canada raised Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a report on Thursday, March 13th. Bank of America reduced their price target on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Barclays lifted their price target on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Truist Financial reduced their price objective on Wells Fargo & Company from $86.00 to $84.00 and set a “buy” rating for the company in a research report on Friday, April 4th. Finally, Keefe, Bruyette & Woods raised their price objective on Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a report on Thursday, January 16th. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $75.34.

Wells Fargo & Company Trading Down 0.9 %

Shares of Wells Fargo & Company stock opened at $63.98 on Monday. The company’s fifty day moving average price is $71.82 and its two-hundred day moving average price is $70.93. The firm has a market capitalization of $208.90 billion, a PE ratio of 11.89, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $0.16. The company had revenue of $20.15 billion during the quarter, compared to analysts’ expectations of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business’s revenue was down 3.4% on a year-over-year basis. During the same period last year, the business earned $1.20 earnings per share. On average, analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 28.73%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Rialto Wealth Management LLC purchased a new position in shares of Wells Fargo & Company during the fourth quarter valued at about $26,000. Investment Counsel Co. of Nevada bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $28,000. BNP Paribas purchased a new stake in Wells Fargo & Company in the fourth quarter worth $28,000. Rakuten Securities Inc. raised its holdings in Wells Fargo & Company by 126.7% in the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 237 shares in the last quarter. Finally, Modus Advisors LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at approximately $30,000. Hedge funds and other 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.