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

Key Points

• JPMorgan raised Wells Fargo’s price target from $93.50 to $95.50 while maintaining a “neutral” rating, implying 13.03% upside from the prior close.
• Analyst sentiment remains positive overall, with Wells Fargo holding a “Moderate Buy” consensus rating and an average price target of $98.61.
• Wells Fargo shares fell $2.38 to $84.49 in Wednesday trading, while institutional investors owned approximately 75.9% of the company’s stock.

Wells Fargo & Company (NYSE:WFC) had its price target lifted by stock analysts at JPMorgan Chase & Co. from $93.50 to $95.50 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 13.03% from the company's previous close.

Several other analysts also recently issued reports on the company. Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Sunday, June 14th. Bank of America increased their price objective on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. Morgan Stanley boosted their target price on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. KGI Securities cut shares of Wells Fargo & Company to a "hold" rating in a research note on Thursday, April 16th. Finally, UBS Group decreased 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 note on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.61.

Wells Fargo & Company Price Performance

NYSE:WFC traded down $2.38 during trading hours on Wednesday, hitting $84.49. 7,923,074 shares of the stock traded hands, compared to its average volume of 16,880,715. The company has a market cap of $258.56 billion, a price-to-earnings ratio of 12.28, a price-to-earnings-growth ratio of 0.95 and a beta of 0.92. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76. The stock has a 50 day moving average price of $83.22 and a 200 day moving average price of $83.30. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09.

Hedge Funds Weigh In On Wells Fargo & Company

Several large investors have recently modified their holdings of the stock. Norges Bank bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at approximately $4,512,563,000. Amundi lifted its holdings in Wells Fargo & Company by 73.0% during the 1st quarter. Amundi now owns 16,463,550 shares of the financial services provider's stock valued at $1,310,663,000 after buying an additional 6,944,316 shares in the last quarter. Mawer Investment Management Ltd. increased its position in shares of Wells Fargo & Company by 177.7% during the fourth quarter. Mawer Investment Management Ltd. now owns 4,876,127 shares of the financial services provider's stock worth $454,455,000 after acquiring an additional 3,120,399 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Wells Fargo & Company by 13.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider's stock worth $1,922,257,000 after purchasing an additional 2,369,260 shares in the last quarter. Finally, PFA Pension Forsikringsaktieselskab purchased a new position in shares of Wells Fargo & Company during the fourth quarter valued at $173,651,000. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.

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