Wells Fargo & Co (WFC) Price Target Increased to $75.00 by Analysts at Morgan Stanley

Wells Fargo & Co (NYSE:WFC) had its price target raised by Morgan Stanley from $72.00 to $75.00 in a research note released on Friday. They currently have an overweight rating on the financial services provider’s stock.

Other equities research analysts also recently issued reports about the stock. Vetr raised shares of Wells Fargo & Co from a sell rating to a hold rating and set a $54.49 price objective on the stock in a report on Tuesday, October 24th. Vertical Group raised shares of Wells Fargo & Co from a sell rating to a buy rating in a report on Thursday, December 7th. Keefe, Bruyette & Woods reaffirmed a buy rating and set a $59.00 price objective on shares of Wells Fargo & Co in a report on Monday, October 16th. Buckingham Research raised shares of Wells Fargo & Co from a neutral rating to a buy rating and upped their price objective for the company from $57.00 to $75.00 in a report on Thursday, December 21st. They noted that the move was a valuation call. Finally, Citigroup reaffirmed a buy rating and set a $65.00 price objective (up from $60.00) on shares of Wells Fargo & Co in a report on Monday, October 9th. Seven analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $62.93.

Wells Fargo & Co (WFC) opened at $58.16 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 1.23. The firm has a market cap of $286,400.00, a PE ratio of 14.08, a P/E/G ratio of 1.67 and a beta of 1.01. Wells Fargo & Co has a fifty-two week low of $49.27 and a fifty-two week high of $66.31.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.07). The company had revenue of $22.05 billion during the quarter, compared to analysts’ expectations of $22.64 billion. Wells Fargo & Co had a return on equity of 12.24% and a net margin of 22.57%. Wells Fargo & Co’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the firm posted $0.96 earnings per share. analysts predict that Wells Fargo & Co will post 4.74 earnings per share for the current fiscal year.

Wells Fargo & Co announced that its Board of Directors has authorized a stock buyback plan on Tuesday, January 23rd that authorizes the company to buyback 350,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.68%. The ex-dividend date is Thursday, February 1st. Wells Fargo & Co’s dividend payout ratio is presently 37.77%.

In other news, insider Michael J. Loughlin sold 17,482 shares of the company’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $57.80, for a total transaction of $1,010,459.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John R. Shrewsberry sold 70,000 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $56.90, for a total transaction of $3,983,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 184,482 shares of company stock worth $10,471,050. Company insiders own 0.22% of the company’s stock.

Several hedge funds have recently bought and sold shares of the stock. Patriot Financial Group Insurance Agency LLC increased its position in shares of Wells Fargo & Co by 0.3% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock worth $106,000 after purchasing an additional 6 shares during the last quarter. Winch Advisory Services LLC increased its position in shares of Wells Fargo & Co by 0.7% in the second quarter. Winch Advisory Services LLC now owns 2,776 shares of the financial services provider’s stock worth $154,000 after purchasing an additional 20 shares during the last quarter. Jackson Grant Investment Advisers Inc. increased its position in shares of Wells Fargo & Co by 0.5% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 4,954 shares of the financial services provider’s stock worth $274,000 after purchasing an additional 26 shares during the last quarter. Financial Advisory Group increased its position in shares of Wells Fargo & Co by 0.7% in the second quarter. Financial Advisory Group now owns 5,029 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 35 shares during the last quarter. Finally, Financial Advisory Service Inc. increased its position in shares of Wells Fargo & Co by 0.6% in the second quarter. Financial Advisory Service Inc. now owns 7,067 shares of the financial services provider’s stock worth $392,000 after purchasing an additional 42 shares during the last quarter. Institutional investors own 76.20% of the company’s stock.

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Wells Fargo & Co Company Profile

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.

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

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