Wells Fargo & Company (NYSE:WFC) Upgraded at Piper Sandler

Piper Sandler upgraded shares of Wells Fargo & Company (NYSE:WFC) from a neutral rating to an overweight rating in a research note published on Wednesday morning, Price Targets.com reports. The firm currently has $64.00 target price on the financial services provider’s stock, up from their prior target price of $50.00.

A number of other research analysts have also issued reports on the stock. Raymond James raised their price objective on shares of Wells Fargo & Company from $55.00 to $58.00 and gave the company an outperform rating in a report on Thursday, December 9th. Jefferies Financial Group raised their price target on shares of Wells Fargo & Company from $51.00 to $57.00 and gave the stock a buy rating in a report on Monday, October 11th. JPMorgan Chase & Co. raised their price target on shares of Wells Fargo & Company from $53.50 to $57.00 and gave the stock a neutral rating in a report on Thursday, January 6th. Barclays upgraded shares of Wells Fargo & Company from an equal weight rating to an overweight rating and lifted their price objective for the company from $50.00 to $62.00 in a research note on Monday, January 3rd. Finally, Odeon Capital Group upgraded shares of Wells Fargo & Company from a hold rating to a buy rating and set a $48.00 price objective for the company in a research note on Monday, November 29th. Three research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company currently has a consensus rating of Buy and an average price target of $52.24.

WFC opened at $58.06 on Wednesday. The company’s 50 day moving average is $50.33 and its 200-day moving average is $48.18. Wells Fargo & Company has a 1-year low of $29.68 and a 1-year high of $58.87. The company has a current ratio of 0.82, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95. The company has a market cap of $238.42 billion, a P/E ratio of 13.69, a PEG ratio of 1.45 and a beta of 1.30.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, January 14th. The financial services provider reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.29. Wells Fargo & Company had a net margin of 23.82% and a return on equity of 11.20%. The company had revenue of $20.86 billion for the quarter, compared to the consensus estimate of $18.61 billion. During the same period last year, the company posted $0.64 EPS. The firm’s quarterly revenue was up 12.8% compared to the same quarter last year. On average, equities analysts forecast that Wells Fargo & Company will post 4.68 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 1st. Investors of record on Friday, November 5th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date was Thursday, November 4th. Wells Fargo & Company’s payout ratio is 18.87%.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Clearstead Trust LLC purchased a new position in shares of Wells Fargo & Company in the third quarter worth approximately $26,000. Isthmus Partners LLC purchased a new position in shares of Wells Fargo & Company in the second quarter worth approximately $27,000. GeoWealth Management LLC purchased a new position in shares of Wells Fargo & Company in the second quarter worth approximately $27,000. US Asset Management LLC purchased a new position in Wells Fargo & Company during the third quarter valued at approximately $30,000. Finally, MD Financial Management Inc. lifted its holdings in Wells Fargo & Company by 98.2% during the third quarter. MD Financial Management Inc. now owns 654 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 324 shares in the last quarter. 69.47% of the stock is currently owned by institutional investors.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance. It firm operates through the following segments: Community Banking, Wholesale Banking, Wealth & Investment Management, and Other.

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

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