Wells Fargo & Company (NYSE:WFC) Price Target Raised to $80.00 at Morgan Stanley

Wells Fargo & Company (NYSE:WFC) had its price objective lifted by stock analysts at Morgan Stanley from $79.00 to $80.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s price objective indicates a potential upside of 30.35% from the stock’s previous close.

Several other equities research analysts have also commented on WFC. Compass Point upped their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. UBS Group lifted their price objective on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Truist Financial lowered their price target on Wells Fargo & Company from $86.00 to $84.00 and set a “buy” rating on the stock in a research note on Friday. Barclays increased their price objective on Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Finally, Bank of America reduced their target price on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Nine research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $75.55.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock traded up $0.39 during trading hours on Monday, hitting $61.37. 19,899,585 shares of the stock traded hands, compared to its average volume of 17,270,630. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The stock has a market capitalization of $200.39 billion, a price-to-earnings ratio of 11.42, a P/E/G ratio of 1.18 and a beta of 1.02. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The firm’s 50 day moving average price is $74.93 and its 200-day moving average price is $70.67.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.09. The company had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period last year, the firm earned $0.86 EPS. As a group, equities analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Institutional Trading of Wells Fargo & Company

Hedge funds have recently made changes to their positions in the business. Howard Financial Services LTD. purchased a new stake in Wells Fargo & Company during the 1st quarter worth approximately $205,000. Quent Capital LLC grew its stake in shares of Wells Fargo & Company by 3.4% in the first quarter. Quent Capital LLC now owns 13,040 shares of the financial services provider’s stock worth $936,000 after acquiring an additional 429 shares in the last quarter. Versant Capital Management Inc increased its position in shares of Wells Fargo & Company by 84.2% during the first quarter. Versant Capital Management Inc now owns 9,189 shares of the financial services provider’s stock worth $660,000 after acquiring an additional 4,200 shares during the period. Waller Financial Planning Group Inc. acquired a new stake in shares of Wells Fargo & Company in the first quarter valued at $226,000. Finally, CWC Advisors LLC. boosted its holdings in Wells Fargo & Company by 2.2% in the fourth quarter. CWC Advisors LLC. now owns 16,796 shares of the financial services provider’s stock valued at $1,180,000 after purchasing an additional 365 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.

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.