Wells Fargo & Company (NYSE:WFC) Price Target Lowered to $67.00 at Morgan Stanley

Wells Fargo & Company (NYSE:WFC) had its target price reduced by Morgan Stanley from $68.00 to $67.00 in a research note released on Monday morning, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Several other research firms have also commented on WFC. Jefferies Financial Group lowered shares of Wells Fargo & Company to a hold rating and reduced their price target for the company from $62.00 to $59.00 in a research report on Friday, August 16th. The Goldman Sachs Group reduced their target price on shares of Wells Fargo & Company from $68.00 to $65.00 and set a buy rating for the company in a report on Wednesday, September 11th. Keefe, Bruyette & Woods dropped their price target on shares of Wells Fargo & Company from $62.00 to $61.00 and set a market perform rating on the stock in a research note on Monday, July 15th. BMO Capital Markets boosted their price objective on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the company a market perform rating in a research report on Thursday, July 11th. Finally, Evercore ISI lowered their target price on Wells Fargo & Company from $67.00 to $65.00 and set an outperform rating on the stock in a research report on Friday, September 6th. Twelve research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Wells Fargo & Company has a consensus rating of Hold and a consensus price target of $60.41.

Wells Fargo & Company Trading Down 0.2 %

Shares of WFC stock opened at $55.30 on Monday. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11. Wells Fargo & Company has a 12-month low of $38.38 and a 12-month high of $62.55. The stock has a market capitalization of $192.79 billion, a P/E ratio of 11.36, a P/E/G ratio of 1.32 and a beta of 1.16. The firm’s 50 day moving average is $55.52 and its 200 day moving average is $57.78.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.04. The firm had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $20.29 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The company’s revenue for the quarter was up .8% on a year-over-year basis. During the same period last year, the business posted $1.25 EPS. Research analysts expect that Wells Fargo & Company will post 5.14 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were given a dividend of $0.40 per share. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.89%. Wells Fargo & Company’s dividend payout ratio is currently 32.85%.

Institutional Trading of Wells Fargo & Company

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. 9258 Wealth Management LLC increased its stake in Wells Fargo & Company by 4.1% in the 4th quarter. 9258 Wealth Management LLC now owns 12,972 shares of the financial services provider’s stock worth $638,000 after acquiring an additional 516 shares during the last quarter. Evoke Wealth LLC grew its holdings in shares of Wells Fargo & Company by 34.3% in the fourth quarter. Evoke Wealth LLC now owns 7,224 shares of the financial services provider’s stock valued at $356,000 after purchasing an additional 1,846 shares in the last quarter. Eagle Asset Management Inc. increased its position in Wells Fargo & Company by 978.9% in the fourth quarter. Eagle Asset Management Inc. now owns 135,003 shares of the financial services provider’s stock worth $6,645,000 after purchasing an additional 122,490 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in Wells Fargo & Company during the fourth quarter valued at $594,000. Finally, Jones Financial Companies Lllp lifted its position in Wells Fargo & Company by 32.2% during the fourth quarter. Jones Financial Companies Lllp now owns 14,886 shares of the financial services provider’s stock valued at $733,000 after purchasing an additional 3,629 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

About Wells Fargo & Company

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.