Wells Fargo & Company (NYSE:WFC) Price Target Increased to $60.00 by Analysts at Compass Point

Wells Fargo & Company (NYSE:WFC) had its price target boosted by Compass Point from $57.00 to $60.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Compass Point’s price target suggests a potential downside of 5.50% from the stock’s previous close.

A number of other analysts also recently issued reports on WFC. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research report on Tuesday, September 3rd. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target on the stock in a research report on Tuesday, October 8th. Piper Sandler raised their target price on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Monday. Evercore ISI boosted their target price on Wells Fargo & Company from $68.00 to $71.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Phillip Securities raised shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and increased their price objective for the company from $60.83 to $65.00 in a research report on Tuesday. Thirteen analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $61.82.

Wells Fargo & Company Stock Up 2.1 %

Wells Fargo & Company stock traded up $1.33 during midday trading on Tuesday, reaching $63.49. The stock had a trading volume of 11,848,302 shares, compared to its average volume of 18,017,320. Wells Fargo & Company has a 1-year low of $38.58 and a 1-year high of $63.82. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. The firm’s fifty day simple moving average is $55.59 and its 200-day simple moving average is $57.82. The stock has a market capitalization of $221.35 billion, a P/E ratio of 13.07, a price-to-earnings-growth ratio of 1.46 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. The business had revenue of $20.37 billion for the quarter, compared to analyst estimates of $20.40 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.39 earnings per share. As a group, analysts expect that Wells Fargo & Company will post 5.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Wells Fargo & Company

Several institutional investors and hedge funds have recently modified their holdings of the stock. John W. Brooker & Co. CPAs boosted its stake in shares of Wells Fargo & Company by 2.5% during the 2nd quarter. John W. Brooker & Co. CPAs now owns 7,075 shares of the financial services provider’s stock worth $420,000 after acquiring an additional 171 shares during the last quarter. McAdam LLC raised its position in Wells Fargo & Company by 3.3% during the second quarter. McAdam LLC now owns 5,609 shares of the financial services provider’s stock valued at $333,000 after purchasing an additional 178 shares during the period. Eclectic Associates Inc. ADV boosted its stake in Wells Fargo & Company by 1.2% during the third quarter. Eclectic Associates Inc. ADV now owns 15,452 shares of the financial services provider’s stock worth $873,000 after buying an additional 178 shares during the period. Prentice Wealth Management LLC increased its stake in Wells Fargo & Company by 2.0% in the second quarter. Prentice Wealth Management LLC now owns 9,426 shares of the financial services provider’s stock worth $560,000 after purchasing an additional 184 shares during the period. Finally, Clearstead Trust LLC boosted its holdings in shares of Wells Fargo & Company by 13.0% in the first quarter. Clearstead Trust LLC now owns 1,617 shares of the financial services provider’s stock valued at $94,000 after purchasing an additional 186 shares during the period. 75.90% of the stock is currently owned by institutional investors.

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.