Evercore ISI Raises Wells Fargo & Company (NYSE:WFC) Price Target to $71.00

17 Oct 2024, 08:19 by Michael Walen · The Markets Daily

Wells Fargo & Company (NYSE:WFC) had its price target raised by Evercore ISI from $68.00 to $71.00 in a research note released on Monday, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

Several other research analysts have also issued reports on WFC. Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price for the company in a research report on Tuesday, October 8th. The Goldman Sachs Group lowered their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Morgan Stanley reduced their target price on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a research report on Monday, September 30th. Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research report on Tuesday, September 3rd. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a report on Monday, July 15th. Thirteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Wells Fargo & Company presently has a consensus rating of “Hold” and a consensus target price of $61.82.

View Our Latest Stock Analysis on Wells Fargo & Company

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $63.86 on Monday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. The firm’s fifty day simple moving average is $56.04 and its 200 day simple moving average is $57.90. The stock has a market cap of $222.64 billion, a P/E ratio of 13.11, a price-to-earnings-growth ratio of 1.46 and a beta of 1.16. Wells Fargo & Company has a twelve month low of $38.58 and a twelve month high of $64.08.

Wells Fargo & Company (NYSE:WFC – Get Free Report) last announced its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The firm had revenue of $20.37 billion for the quarter, compared to analyst estimates of $20.40 billion. During the same quarter in the previous year, the firm posted $1.39 EPS. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, research analysts predict that Wells Fargo & Company will post 5.12 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were paid a $0.40 dividend. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend was Friday, August 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is 32.85%.

Insider Activity at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total value of $3,822,000.00. Following the transaction, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $61.99, for a total value of $2,169,650.00. Following the completion of the sale, the executive vice president now directly owns 126,687 shares in the company, valued at $7,853,327.13. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total value of $3,822,000.00. Following the transaction, the executive vice president now owns 163,610 shares in the company, valued at $10,421,957. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in WFC. Secure Asset Management LLC purchased a new position in Wells Fargo & Company during the third quarter valued at approximately $256,000. Bleakley Financial Group LLC raised its stake in Wells Fargo & Company by 10.3% during the 3rd quarter. Bleakley Financial Group LLC now owns 68,411 shares of the financial services provider’s stock valued at $3,865,000 after purchasing an additional 6,367 shares during the period. Global Retirement Partners LLC lifted its holdings in Wells Fargo & Company by 2.5% in the 3rd quarter. Global Retirement Partners LLC now owns 59,847 shares of the financial services provider’s stock worth $3,381,000 after purchasing an additional 1,434 shares in the last quarter. Good Life Advisors LLC boosted its stake in Wells Fargo & Company by 5.7% in the 3rd quarter. Good Life Advisors LLC now owns 11,797 shares of the financial services provider’s stock worth $666,000 after purchasing an additional 637 shares during the period. Finally, nVerses Capital LLC grew its holdings in Wells Fargo & Company by 46.3% during the 3rd quarter. nVerses Capital LLC now owns 18,000 shares of the financial services provider’s stock valued at $1,017,000 after buying an additional 5,700 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

About Wells Fargo & Company

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