Wells Fargo & Company (NYSE:WFC) PT Raised to $61.50 at JPMorgan Chase & Co.

Wells Fargo & Company (NYSE:WFC) had its price objective hoisted by JPMorgan Chase & Co. from $59.00 to $61.50 in a research report report published on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

A number of other equities analysts have also commented on the stock. Jefferies Financial Group increased their price target on shares of Wells Fargo & Company from $52.00 to $60.00 and gave the stock a hold rating in a report on Monday, April 8th. Odeon Capital Group lowered shares of Wells Fargo & Company from a buy rating to a hold rating and set a $48.80 price target on the stock. in a report on Thursday, January 18th. Keefe, Bruyette & Woods reissued a market perform rating and issued a $62.00 price target (up previously from $56.00) on shares of Wells Fargo & Company in a report on Wednesday, March 27th. Argus increased their price target on shares of Wells Fargo & Company from $57.00 to $66.00 and gave the stock a buy rating in a report on Monday, April 15th. Finally, Piper Sandler decreased their price target on shares of Wells Fargo & Company from $51.00 to $50.00 and set a neutral rating on the stock in a report on Tuesday, January 16th. Fourteen research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $58.99.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $59.50 on Wednesday. The firm’s 50 day simple moving average is $57.38 and its 200 day simple moving average is $50.03. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14. The firm has a market capitalization of $210.65 billion, a PE ratio of 12.42, a price-to-earnings-growth ratio of 1.16 and a beta of 1.19. Wells Fargo & Company has a 1-year low of $36.40 and a 1-year high of $61.76.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.10. The business had revenue of $20.86 billion for 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 was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.23 EPS. As a group, analysts expect that Wells Fargo & Company will post 5.06 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 10th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Thursday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.23%.

Institutional Investors Weigh In On Wells Fargo & Company

A number of large investors have recently added to or reduced their stakes in WFC. Stoneridge Investment Partners LLC boosted its stake in shares of Wells Fargo & Company by 410.5% during the 3rd quarter. Stoneridge Investment Partners LLC now owns 67,480 shares of the financial services provider’s stock valued at $2,757,000 after purchasing an additional 54,262 shares in the last quarter. United Services Automobile Association boosted its stake in shares of Wells Fargo & Company by 13.7% during the 3rd quarter. United Services Automobile Association now owns 97,906 shares of the financial services provider’s stock valued at $4,000,000 after purchasing an additional 11,825 shares in the last quarter. Synovus Financial Corp boosted its stake in shares of Wells Fargo & Company by 61.7% during the 3rd quarter. Synovus Financial Corp now owns 121,937 shares of the financial services provider’s stock valued at $4,983,000 after purchasing an additional 46,525 shares in the last quarter. Trust Point Inc. bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $2,499,000. Finally, Stonegate Investment Group LLC boosted its stake in shares of Wells Fargo & Company by 5.2% during the 1st quarter. Stonegate Investment Group LLC now owns 38,925 shares of the financial services provider’s stock valued at $2,256,000 after purchasing an additional 1,911 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

About Wells Fargo & Company

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.