Barclays analyst Jason Goldberg on Nov. 12 said that he expects Wells Fargo to be among the large banks that "return the majority of their 2013 net income to shareholders in dividends and buyback next year." After the last round of
stress tests were completed in March, the company was approved to increase its quarterly dividend by 10 cents to the current 22 cents, and repurchase $3.5 billion in common shares, through the first quarter of 2013.
Following the next round of stress tests in the first quarter, Goldberg expects Wells Fargo to be approved by the Fed to raise its quarterly dividend by another four cents, and be approved for $6 billion in share buybacks through the first quarter of 2014.
Goldberg rates Wells Fargo "Overweight," with a price target of $42.00.
Interested in more on Wells Fargo? See TheStreet Ratings' report card for this stock.
Written by Philip van Doorn in Jupiter, Fla.