Bank of America Increases Wells Fargo & Company (NYSE:WFC) Price Target to $100.00

Key Points

• Bank of America has raised its price target for Wells Fargo (NYSE:WFC) from $92.00 to $100.00, indicating a potential upside of 15.08% from the current price.
• Wells Fargo reported earnings of $1.66 per share for the last quarter, exceeding analysts' expectations, with a revenue of $21.44 billion.
• Currently, Wells Fargo holds a consensus rating of "Moderate Buy" among analysts, with nine analysts recommending a buy and eight a hold.

Wells Fargo & Company (NYSE:WFC) had its price objective upped by analysts at Bank of America from $92.00 to $100.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the financial services provider's stock. Bank of America's price objective points to a potential upside of 15.08% from the company's current price.

WFC has been the subject of a number of other research reports. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Phillip Securities lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. Weiss Ratings raised shares of Wells Fargo & Company from a "hold (c)" rating to a "buy (b)" rating in a report on Wednesday, October 8th. Truist Financial set a $90.00 target price on shares of Wells Fargo & Company in a report on Wednesday. Finally, Evercore ISI lifted their target price on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the stock an "outperform" rating in a report on Tuesday, September 30th. Nine research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat.com, Wells Fargo & Company has a consensus rating of "Moderate Buy" and an average target price of $89.57.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC traded up $2.34 during trading on Wednesday, reaching $86.90. The stock had a trading volume of 5,787,824 shares, compared to its average volume of 16,597,408. Wells Fargo & Company has a 52 week low of $58.42 and a 52 week high of $87.16. The business's 50-day moving average price is $80.79 and its 200 day moving average price is $76.67. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The stock has a market capitalization of $278.37 billion, a PE ratio of 14.83, a P/E/G ratio of 1.27 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.55 by $0.11. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company had revenue of $21.44 billion during the quarter, compared to analysts' expectations of $21.11 billion. During the same quarter in the previous year, the company posted $1.42 earnings per share. Wells Fargo & Company's quarterly revenue was up 5.3% compared to the same quarter last year. As a group, equities analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Institutional Investors Weigh In On Wells Fargo & Company

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Access Investment Management LLC bought a new stake in Wells Fargo & Company during the 2nd quarter worth about $25,000. CBIZ Investment Advisory Services LLC lifted its position in Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock worth $27,000 after buying an additional 322 shares in the last quarter. McElhenny Sheffield Capital Management LLC bought a new stake in Wells Fargo & Company during the 2nd quarter worth about $27,000. Motco lifted its position in Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after buying an additional 326 shares in the last quarter. Finally, Accent Capital Management LLC bought a new stake in Wells Fargo & Company during the 1st quarter worth about $29,000. 75.90% of the stock is owned by institutional investors.

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.

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