Wells Fargo & Company (NYSE:WFC) Given New $90.00 Price Target at Bank of America

Wells Fargo & Company (NYSE:WFC) had its target price upped by Bank of America from $83.00 to $90.00 in a report released on Wednesday,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

WFC has been the subject of several other research reports. JPMorgan Chase & Co. reduced their price objective on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a research note on Thursday, April 3rd. Truist Financial cut their price target on shares of Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating for the company in a report on Monday, April 14th. Barclays lowered their target price on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research note on Monday, April 14th. Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, April 14th. Finally, Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the company an “overweight” rating in a research note on Monday, April 7th. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.48.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $76.38 on Wednesday. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The firm has a market capitalization of $248.55 billion, a price-to-earnings ratio of 14.20, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The business has a 50 day simple moving average of $70.42 and a 200 day simple moving average of $72.97. 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 results on Friday, April 11th. The financial services provider reported $1.39 earnings per share 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 the consensus estimate of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company’s revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.20 EPS. On average, equities research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.09%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio is presently 28.73%.

Wells Fargo & Company announced that its board has approved a share buyback plan on Tuesday, April 29th that permits the company to buyback $40.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Wells Fargo & Company

Hedge funds have recently bought and sold shares of the business. Empowered Funds LLC increased its holdings in Wells Fargo & Company by 19.1% in the 4th quarter. Empowered Funds LLC now owns 190,330 shares of the financial services provider’s stock worth $13,369,000 after acquiring an additional 30,510 shares in the last quarter. Valmark Advisers Inc. lifted its position in Wells Fargo & Company by 5.5% during the fourth quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider’s stock valued at $583,000 after purchasing an additional 431 shares during the last quarter. NatWest Group plc grew its position in Wells Fargo & Company by 57.7% in the fourth quarter. NatWest Group plc now owns 172,484 shares of the financial services provider’s stock worth $12,115,000 after acquiring an additional 63,102 shares in the last quarter. Financiere des Professionnels Fonds d investissement inc. purchased a new position in Wells Fargo & Company during the fourth quarter worth $1,656,000. Finally, Modera Wealth Management LLC grew its holdings in Wells Fargo & Company by 14.1% during the 4th quarter. Modera Wealth Management LLC now owns 20,562 shares of the financial services provider’s stock valued at $1,444,000 after purchasing an additional 2,548 shares during the last quarter. 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.