Raymond James Financial Analysts Give Wells Fargo & Company (NYSE:WFC) a $84.00 Price Target

Raymond James Financial set a $84.00 price target on Wells Fargo & Company (NYSE:WFC) in a report issued on Wednesday morning, MarketBeat.com reports. The brokerage currently has a strong-buy rating on the financial services provider’s stock.

Other analysts also recently issued reports about the stock. Citigroup dropped their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. JPMorgan Chase & Co. lowered their price objective on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Evercore ISI upped their target price on Wells Fargo & Company from $72.00 to $88.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 4th. Piper Sandler reaffirmed an “overweight” rating and set a $85.00 price target (up from $75.00) on shares of Wells Fargo & Company in a research note on Wednesday, June 4th. Finally, Morgan Stanley lifted their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research report on Wednesday, June 4th. Seven investment 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 stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $77.98.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $75.33 on Wednesday. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market capitalization of $245.14 billion, a price-to-earnings ratio of 13.52, a price-to-earnings-growth ratio of 1.25 and a beta of 1.16. The business has a 50 day simple moving average of $72.42 and a 200 day simple moving average of $72.87.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The company had revenue of $20.15 billion during the quarter, compared to analysts’ expectations of $20.82 billion. During the same quarter in the prior year, the business posted $1.20 earnings per share. The company’s revenue for the quarter was down 3.4% compared to the same quarter last year. On average, equities research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced that its board has initiated 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 usually a sign that the company’s board of directors believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.12%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company’s payout ratio is 28.73%.

Institutional Investors Weigh In On Wells Fargo & Company

Several hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $3,365,658,000. Capital Research Global Investors boosted its holdings in Wells Fargo & Company by 932.0% during the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider’s stock valued at $1,105,218,000 after acquiring an additional 14,210,193 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Wells Fargo & Company by 277.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock valued at $771,092,000 after buying an additional 7,894,919 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Wells Fargo & Company by 7,887.9% in the first quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider’s stock worth $243,589,000 after acquiring an additional 3,350,605 shares during the last quarter. Finally, Northern Trust Corp grew its position in Wells Fargo & Company by 10.7% in the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider’s stock worth $2,411,992,000 after purchasing an additional 3,307,855 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.