Wells Fargo & Company (NYSE:WFC) Now Covered by Analysts at HSBC

Key Points

• HSBC initiated coverage of Wells Fargo with a “buy” rating and a $108 price target, implying 31.55% upside from the prior close.
• Analyst sentiment is broadly positive: Wells Fargo has a consensus rating of “Moderate Buy” and an average price target of $99.86.
• The bank recently exceeded quarterly expectations, reporting $1.96 in EPS versus the $1.73 consensus and $22.62 billion in revenue; institutional investors own 75.90% of its shares.

Equities research analysts at HSBC began coverage on shares of Wells Fargo & Company (NYSE:WFC) in a research note issued on Monday. The brokerage set a "buy" rating and a $108.00 price target on the financial services provider's stock. HSBC's price target indicates a potential upside of 31.55% from the company's previous close.

Other research analysts also recently issued research reports about the stock. UBS Group reduced their price target on shares of Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating on the stock in a research report on Tuesday, July 7th. Weiss Ratings restated a "buy (b)" rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Keefe, Bruyette & Woods dropped their target price on shares of Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating for the company in a research note on Wednesday, July 15th. JPMorgan Chase & Co. upped their target price on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the stock a "neutral" rating in a research report on Wednesday, July 29th. Finally, Truist Financial increased their price target on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, Wells Fargo & Company presently has an average rating of "Moderate Buy" and a consensus price target of $99.86.

Wells Fargo & Company Price Performance

NYSE WFC traded down $0.87 during trading hours on Monday, reaching $82.10. 737,586 shares of the company's stock were exchanged, compared to its average volume of 15,976,723. The stock has a market cap of $248.27 billion, a PE ratio of 11.93, a price-to-earnings-growth ratio of 0.90 and a beta of 0.92. Wells Fargo & Company has a one year low of $72.78 and a one year high of $97.76. The firm has a fifty day moving average of $86.87 and a 200-day moving average of $82.89. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.23. The firm had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The business's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.60 EPS. On average, equities research analysts predict that Wells Fargo & Company will post 7.23 earnings per share for the current fiscal year.

Institutional Trading of Wells Fargo & Company

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc bought a new position 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 stake in shares of Wells Fargo & Company during the second quarter worth approximately $1,364,923,000. Deutsche Bank AG bought a new stake in shares of Wells Fargo & Company during the second quarter worth approximately $859,431,000. Pzena Investment Management LLC acquired a new position in Wells Fargo & Company in the second quarter valued at approximately $729,502,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Wells Fargo & Company in the second quarter valued at approximately $620,861,000. 75.90% of the stock is owned by institutional investors.

About Wells Fargo & Company

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and wealth management services to consumers, businesses, and institutions. Its offerings include checking and savings accounts, credit cards, mortgages, auto loans, personal lending, commercial financing, and treasury management services.

The company operates through businesses that include consumer and small-business banking, commercial banking, corporate and investment banking, and wealth and investment management.

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