Wells Fargo & Company (NYSE:WFC) Given New $70.00 Price Target at Evercore ISI

Wells Fargo & Company (NYSE:WFC) had its target price increased by Evercore ISI from $69.00 to $70.00 in a research report report published on Tuesday morning, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Several other brokerages also recently issued reports on WFC. HSBC increased their price objective on shares of Wells Fargo & Company from $55.00 to $60.00 and gave the stock a hold rating in a research report on Thursday, March 28th. Morgan Stanley increased their target price on shares of Wells Fargo & Company from $63.00 to $64.00 and gave the stock an overweight rating in a report on Monday, April 15th. Oppenheimer restated a market perform rating on shares of Wells Fargo & Company in a report on Monday, April 15th. Argus increased their target price 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, The Goldman Sachs Group increased their target price on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the stock a buy rating in a report on Monday, April 1st. Fourteen investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company has an average rating of Hold and an average price target of $59.15.

Wells Fargo & Company Stock Up 3.4 %

Shares of NYSE:WFC opened at $59.39 on Tuesday. Wells Fargo & Company has a 52 week low of $38.38 and a 52 week high of $62.55. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.86 and a current ratio of 0.87. The company has a market capitalization of $207.03 billion, a PE ratio of 12.40, a PEG ratio of 1.41 and a beta of 1.17. The company has a 50 day moving average price of $59.55 and a two-hundred day moving average price of $55.04.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The company had revenue of $20.86 billion during the quarter, compared to the consensus estimate of $20.19 billion. During the same quarter in the prior year, the firm earned $1.23 earnings per share. The firm’s revenue was up .6% compared to the same quarter last year. Analysts forecast that Wells Fargo & Company will post 5.14 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Friday, May 10th were paid a $0.35 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.36%. Wells Fargo & Company’s payout ratio is currently 29.23%.

Institutional Investors Weigh In On Wells Fargo & Company

A number of hedge funds have recently made changes to their positions in the stock. American Trust acquired a new stake in shares of Wells Fargo & Company in the 1st quarter valued at approximately $217,000. DekaBank Deutsche Girozentrale boosted its position in Wells Fargo & Company by 5.9% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 1,544,598 shares of the financial services provider’s stock worth $88,446,000 after buying an additional 86,333 shares during the period. Cetera Advisor Networks LLC boosted its position in Wells Fargo & Company by 0.9% during the 1st quarter. Cetera Advisor Networks LLC now owns 351,445 shares of the financial services provider’s stock worth $20,370,000 after buying an additional 3,258 shares during the period. Cedar Point Capital Partners LLC acquired a new stake in Wells Fargo & Company during the 1st quarter worth approximately $207,000. Finally, Atria Investments Inc boosted its position in Wells Fargo & Company by 10.0% during the 1st quarter. Atria Investments Inc now owns 258,834 shares of the financial services provider’s stock worth $15,000,000 after buying an additional 23,494 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Company Profile

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.