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

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

A number of other research firms have also weighed in on WFC. 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 note on Wednesday, March 13th. Oppenheimer reissued a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, March 19th. Piper Sandler dropped their price objective on shares of Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating for the company in a report on Tuesday, January 16th. Citigroup reaffirmed a “neutral” rating and set a $63.00 price objective (up from $57.00) on shares of Wells Fargo & Company in a report on Wednesday, March 20th. Finally, Odeon Capital Group downgraded shares of Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $48.80 price objective for the company. in a report on Thursday, January 18th. Twelve research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Hold” and a consensus target price of $55.19.

Wells Fargo & Company Trading Up 1.6 %

Shares of WFC stock opened at $57.61 on Thursday. The company has a 50 day moving average of $52.78 and a 200-day moving average of $46.94. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.24. Wells Fargo & Company has a 12-month low of $36.27 and a 12-month high of $58.44. The firm has a market cap of $203.96 billion, a P/E ratio of 11.95, a PEG ratio of 1.18 and a beta of 1.19.

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

Hedge Funds Weigh In On Wells Fargo & Company

Several hedge funds and other institutional investors have recently modified their holdings of the stock. HighPoint Advisor Group LLC bought a new stake in Wells Fargo & Company during the fourth quarter worth about $2,917,000. Quadrature Capital Ltd lifted its stake in shares of Wells Fargo & Company by 2.2% in the fourth quarter. Quadrature Capital Ltd now owns 95,885 shares of the financial services provider’s stock worth $4,720,000 after buying an additional 2,074 shares in the last quarter. Grayhawk Investment Strategies Inc. bought a new position in Wells Fargo & Company during the fourth quarter valued at approximately $422,000. M3 Advisory Group LLC bought a new position in Wells Fargo & Company during the fourth quarter valued at approximately $291,000. Finally, Skyline Advisors Inc. bought a new position in Wells Fargo & Company during the fourth quarter valued at approximately $213,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

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.