Wells Fargo & Company (NYSE:WFC) Price Target Raised to $60.00

Wells Fargo & Company (NYSE:WFC) had its target price hoisted by analysts at HSBC from $55.00 to $60.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “hold” rating on the financial services provider’s stock. HSBC’s target price indicates a potential upside of 4.15% from the company’s previous close.

WFC has been the topic of a number of other reports. Citigroup reiterated a “neutral” rating and issued a $63.00 price objective (up from $57.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 20th. Piper Sandler lowered their price objective on shares of Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 16th. Compass Point lifted their price objective on shares of Wells Fargo & Company from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, March 13th. Barclays lifted their price objective on shares of Wells Fargo & Company from $54.00 to $66.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $51.00 target price on shares of Wells Fargo & Company in a research report on Tuesday, January 9th. Twelve investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $55.19.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $57.61 on Thursday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.24. The firm has a market cap of $203.96 billion, a PE ratio of 11.95, a price-to-earnings-growth ratio of 1.18 and a beta of 1.19. The company’s 50 day simple moving average is $52.78 and its 200-day simple moving average is $46.94. Wells Fargo & Company has a 12-month low of $36.27 and a 12-month high of $58.44.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, January 12th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.30). The business had revenue of $20.48 billion for the quarter, compared to analysts’ expectations of $20.30 billion. Wells Fargo & Company had a return on equity of 12.40% and a net margin of 16.60%. The business’s revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the business posted $0.67 earnings per share. As a group, equities analysts predict that Wells Fargo & Company will post 4.72 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Kathmere Capital Management LLC raised its stake in Wells Fargo & Company by 19.5% in the 3rd quarter. Kathmere Capital Management LLC now owns 7,248 shares of the financial services provider’s stock valued at $296,000 after purchasing an additional 1,185 shares during the last quarter. Stoneridge Investment Partners LLC raised its stake in Wells Fargo & Company by 410.5% in the 3rd quarter. Stoneridge Investment Partners LLC now owns 67,480 shares of the financial services provider’s stock valued at $2,757,000 after purchasing an additional 54,262 shares during the last quarter. Caxton Associates LP acquired a new position in shares of Wells Fargo & Company during the 2nd quarter valued at about $4,967,000. United Services Automobile Association increased its stake in shares of Wells Fargo & Company by 13.7% during the 3rd quarter. United Services Automobile Association now owns 97,906 shares of the financial services provider’s stock valued at $4,000,000 after acquiring an additional 11,825 shares during the last quarter. Finally, Synovus Financial Corp increased its stake in shares of Wells Fargo & Company by 61.7% during the 3rd quarter. Synovus Financial Corp now owns 121,937 shares of the financial services provider’s stock valued at $4,983,000 after acquiring an additional 46,525 shares during the last quarter. 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.