Citigroup Boosts Wells Fargo & Company (NYSE:WFC) Price Target to $82.00

Wells Fargo & Company (NYSE:WFC) had its price objective raised by stock analysts at Citigroup from $67.00 to $82.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Citigroup’s target price suggests a potential upside of 10.71% from the stock’s previous close.

Several other equities analysts also recently weighed in on the stock. Phillip Securities upgraded shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and lifted their target price for the stock from $60.83 to $65.00 in a research note on Tuesday, October 15th. Compass Point lifted their price target on Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. The Goldman Sachs Group dropped their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and decreased their price target for the company from $62.00 to $59.00 in a research report on Friday, August 16th. Finally, Morgan Stanley cut their price objective on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research report on Monday, September 30th. Thirteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company presently has an average rating of “Hold” and a consensus target price of $63.07.

Wells Fargo & Company Stock Down 0.0 %

NYSE WFC traded down $0.02 during trading hours on Tuesday, hitting $74.07. The company’s stock had a trading volume of 3,971,682 shares, compared to its average volume of 18,061,086. The company has a market capitalization of $246.62 billion, a PE ratio of 15.30, a price-to-earnings-growth ratio of 1.55 and a beta of 1.14. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a 52 week low of $42.15 and a 52 week high of $74.70. The company’s 50-day simple moving average is $61.56 and its two-hundred day simple moving average is $59.40.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.14. The firm had revenue of $20.37 billion during the quarter, compared to analyst estimates of $20.40 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The business’s revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.39 EPS. Research analysts anticipate that Wells Fargo & Company will post 5.42 EPS for the current fiscal year.

Insider Activity

In related news, EVP Beurden Saul Van sold 35,000 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $61.99, for a total transaction of $2,169,650.00. Following the transaction, the executive vice president now owns 126,687 shares in the company, valued at $7,853,327.13. The trade was a 21.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Ather Williams III sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total value of $3,822,000.00. Following the transaction, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at $10,421,957. The trade was a 26.83 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Wells Fargo & Company

Hedge funds have recently made changes to their positions in the business. Investors Research Corp boosted its holdings in Wells Fargo & Company by 1.2% in the third quarter. Investors Research Corp now owns 13,461 shares of the financial services provider’s stock valued at $760,000 after acquiring an additional 160 shares in the last quarter. Ellenbecker Investment Group boosted its stake in shares of Wells Fargo & Company by 3.9% during the 3rd quarter. Ellenbecker Investment Group now owns 4,418 shares of the financial services provider’s stock valued at $250,000 after purchasing an additional 164 shares in the last quarter. Income Research & Management purchased a new position in shares of Wells Fargo & Company during the third quarter valued at about $211,000. Modera Wealth Management LLC increased its position in shares of Wells Fargo & Company by 0.9% during the third quarter. Modera Wealth Management LLC now owns 18,014 shares of the financial services provider’s stock valued at $1,018,000 after buying an additional 167 shares during the period. Finally, Catalina Capital Group LLC raised its stake in Wells Fargo & Company by 1.7% in the third quarter. Catalina Capital Group LLC now owns 9,886 shares of the financial services provider’s stock worth $558,000 after buying an additional 168 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other 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.