JPMorgan Chase & Co. Issues Positive Forecast for Wells Fargo & Company (NYSE:WFC) Stock Price

Key Points

• JPMorgan raised Wells Fargo’s price target from $91.50 to $92.00 while maintaining a neutral rating, implying approximately 10.3% upside from the reported share price of $83.39.
• Analyst sentiment is generally positive, with Wells Fargo holding a consensus “Moderate Buy” rating and an average price target of $98.11, despite several firms maintaining neutral or market-perform ratings.
• Wells Fargo slightly exceeded quarterly EPS expectations, reporting $1.87 versus the $1.85 consensus estimate, while revenue of $21.87 billion fell short of expectations but increased 2% year over year.

Wells Fargo & Company (NYSE:WFC - Get Free Report) had its price objective hoisted by analysts at JPMorgan Chase & Co. from $91.50 to $92.00 in a report released on Friday, Benzinga reports. The brokerage currently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 10.32% from the company's current price.

A number of other brokerages have also recently commented on WFC. Raymond James Financial reaffirmed a "market perform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Bank of America lifted their price objective on Wells Fargo & Company from $95.00 to $102.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. The Goldman Sachs Group set a $94.00 price target on Wells Fargo & Company in a research note on Tuesday, October 13th. Citigroup lowered their price objective on shares of Wells Fargo & Company from $90.00 to $88.00 and set a "neutral" rating for the company in a research report on Wednesday, October 14th. Finally, Robert W. Baird raised their target price on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.11.

Wells Fargo & Company Price Performance

Shares of WFC stock traded down $1.42 during trading hours on Friday, reaching $83.39. The company had a trading volume of 12,203,187 shares, compared to its average volume of 15,980,987. The stock has a fifty day moving average of $84.33 and a 200-day moving average of $83.70. The company has a market capitalization of $252.17 billion, a price-to-earnings ratio of 11.76, a PEG ratio of 0.90 and a beta of 0.96. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.90 and a current ratio of 0.89. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, October 13th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.02. Wells Fargo & Company had a return on equity of 14.05% and a net margin of 17.64%. The company had revenue of $21.87 billion during the quarter, compared to analysts' expectations of $22.30 billion. During the same quarter last year, the firm earned $1.66 earnings per share. The firm's quarterly revenue was up 2.0% compared to the same quarter last year. On average, equities analysts anticipate that Wells Fargo & Company will post 7.27 earnings per share for the current year.

Institutional Trading of Wells Fargo & Company

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Legal & General Group Plc acquired a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at about $1,635,881,000. Bank of New York Mellon Corp bought a new position in Wells Fargo & Company in the 2nd quarter worth about $1,364,923,000. Amundi raised its position in shares of Wells Fargo & Company by 73.0% in the first quarter. Amundi now owns 16,463,550 shares of the financial services provider's stock worth $1,310,663,000 after buying an additional 6,944,316 shares in the last quarter. Deutsche Bank AG bought a new stake in shares of Wells Fargo & Company during the 2nd quarter worth $859,431,000. Finally, Pzena Investment Management LLC purchased a new position in Wells Fargo & Company in the 2nd quarter worth $729,502,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and financial management services to individuals, businesses, and institutions. Its offerings include deposit accounts, residential and commercial lending, credit cards, payments, treasury management, and other banking products.

The company also provides wealth and investment management services, including financial planning, brokerage, advisory, and private banking solutions.

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