Wells Fargo & Company (NYSE:WFC) Price Target Raised to $61.50 at JPMorgan Chase & Co.

Wells Fargo & Company (NYSE:WFC) had its price target raised by JPMorgan Chase & Co. from $59.00 to $61.50 in a research report sent to investors on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

WFC has been the topic of a number of other reports. Oppenheimer reissued a market perform rating on shares of Wells Fargo & Company in a research note on Monday, April 15th. Keefe, Bruyette & Woods reissued a market perform rating and issued a $62.00 price objective (up from $56.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 27th. Jefferies Financial Group lifted their price objective on shares of Wells Fargo & Company from $52.00 to $60.00 and gave the company a hold rating in a research note on Monday, April 8th. Citigroup reissued a neutral rating and issued a $63.00 price objective (up from $57.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 20th. Finally, Compass Point reissued a neutral rating and issued a $64.00 price objective on shares of Wells Fargo & Company in a research note on Tuesday, April 9th. Fourteen investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $58.99.

Wells Fargo & Company Stock Up 0.3 %

Shares of WFC opened at $59.50 on Wednesday. Wells Fargo & Company has a 12 month low of $36.40 and a 12 month high of $61.76. The firm’s 50 day moving average is $57.38 and its 200-day moving average is $50.03. The stock has a market capitalization of $210.65 billion, a PE ratio of 12.42, a P/E/G ratio of 1.16 and a beta of 1.19. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, April 12th. The financial services provider reported $1.20 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 for the quarter, compared to analysts’ expectations of $20.19 billion. During the same period last year, the firm earned $1.23 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis. Equities research analysts forecast that Wells Fargo & Company will post 5.06 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 10th will be issued a dividend of $0.35 per share. The ex-dividend date is Thursday, May 9th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.35%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.23%.

Hedge Funds Weigh In On Wells Fargo & Company

A number of hedge funds have recently modified their holdings of the business. Exchange Traded Concepts LLC lifted its holdings in Wells Fargo & Company by 12.7% in the third quarter. Exchange Traded Concepts LLC now owns 3,754 shares of the financial services provider’s stock valued at $153,000 after buying an additional 424 shares during the period. 1834 Investment Advisors Co. lifted its holdings in Wells Fargo & Company by 23.6% in the third quarter. 1834 Investment Advisors Co. now owns 23,199 shares of the financial services provider’s stock valued at $948,000 after buying an additional 4,437 shares during the period. Simon Quick Advisors LLC lifted its holdings in Wells Fargo & Company by 19.7% in the third quarter. Simon Quick Advisors LLC now owns 8,831 shares of the financial services provider’s stock valued at $361,000 after buying an additional 1,456 shares during the period. Stratos Wealth Advisors LLC lifted its holdings in Wells Fargo & Company by 10.6% in the third quarter. Stratos Wealth Advisors LLC now owns 21,029 shares of the financial services provider’s stock valued at $859,000 after buying an additional 2,009 shares during the period. Finally, Avaii Wealth Management LLC acquired a new position in Wells Fargo & Company in the third quarter valued at $208,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

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.