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

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

WFC has been the subject of a number of other reports. Barclays reduced their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research note on Monday, April 14th. Truist Financial dropped their price target on shares of Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. TD Cowen initiated coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They issued a “hold” rating and a $83.00 price target on the stock. Bank of America raised their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, June 4th. Finally, Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, April 14th. Seven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.98.

Wells Fargo & Company Price Performance

WFC opened at $75.33 on Wednesday. The stock has a market capitalization of $245.14 billion, a P/E ratio of 13.52, a price-to-earnings-growth ratio of 1.25 and a beta of 1.16. Wells Fargo & Company has a one year low of $50.15 and a one year 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 company’s 50 day simple moving average is $72.42 and its 200-day simple moving average is $72.87.

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

Wells Fargo & Company declared that its board has authorized a stock buyback plan on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis 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 Trading of Wells Fargo & Company

A number of large investors have recently added to or reduced their stakes in WFC. Ironwood Wealth Management LLC. bought a new position in Wells Fargo & Company in the 4th quarter worth approximately $221,000. Brighton Jones LLC increased its position in shares of Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock valued at $4,652,000 after purchasing an additional 25,436 shares during the last quarter. Van ECK Associates Corp bought a new position in Wells Fargo & Company during the fourth quarter valued at approximately $4,342,000. Empower Advisory Group LLC raised its position in Wells Fargo & Company by 19.4% in the 4th quarter. Empower Advisory Group LLC now owns 95,081 shares of the financial services provider’s stock worth $6,678,000 after purchasing an additional 15,473 shares during the period. Finally, Venturi Wealth Management LLC increased its holdings in shares of Wells Fargo & Company by 166.4% in the fourth quarter. Venturi Wealth Management LLC now owns 7,388 shares of the financial services provider’s stock worth $519,000 after buying an additional 4,615 shares during the period. 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.