Wells Fargo & Company (NYSE:WFC) Sets New 1-Year High – Here’s What Happened

Wells Fargo & Company (NYSE:WFC) shares reached a new 52-week high on Tuesday . The company traded as high as $78.36 and last traded at $78.07, with a volume of 77232 shares traded. The stock had previously closed at $77.94.

Analysts Set New Price Targets

WFC has been the subject of several research analyst reports. Keefe, Bruyette & Woods raised their price objective on Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research note on Thursday, January 16th. UBS Group lifted their price target on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. 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 note on Tuesday, October 15th. Truist Financial raised their target price on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Finally, 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 report on Tuesday, October 8th. Eleven analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $73.39.

Wells Fargo & Company Stock Performance

The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The company has a market cap of $258.50 billion, a price-to-earnings ratio of 14.43, a PEG ratio of 1.17 and a beta of 1.18. The stock has a 50 day simple moving average of $73.19 and a 200 day simple moving average of $64.10.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The firm had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. Wells Fargo & Company’s quarterly revenue was down .5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.86 EPS. As a group, analysts predict that Wells Fargo & Company will post 5.84 EPS for the current year.

Institutional Trading of Wells Fargo & Company

Large investors have recently modified their holdings of the business. Income Research & Management bought a new position in Wells Fargo & Company during the 3rd quarter valued at $211,000. Mattson Financial Services LLC acquired a new position in Wells Fargo & Company in the second quarter worth about $25,000. Modus Advisors LLC bought a new stake in Wells Fargo & Company in the fourth quarter valued at about $30,000. Strategic Investment Solutions Inc. IL acquired a new stake in Wells Fargo & Company during the second quarter valued at approximately $26,000. Finally, Decker Retirement Planning Inc. bought a new position in Wells Fargo & Company during the 4th quarter worth approximately $32,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Company Profile

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.