TD Cowen Forecasts Strong Price Appreciation for Wells Fargo & Company (NYSE:WFC) Stock

Key Points

• TD Cowen raised its target price for Wells Fargo & Company (NYSE:WFC) from $90.00 to $93.00, indicating a potential upside of 7.17% from the current stock price.
• Wells Fargo reported a quarterly EPS of $1.66, surpassing estimates, and revenue increased by 5.3% year-over-year to $21.44 billion.
• The stock currently has a consensus rating of Moderate Buy, with nine analysts recommending a Buy and eight suggesting a Hold.

Wells Fargo & Company (NYSE:WFC) had its target price hoisted by equities research analysts at TD Cowen from $90.00 to $93.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "hold" rating on the financial services provider's stock. TD Cowen's price objective points to a potential upside of 7.17% from the stock's current price.

Several other research analysts have also commented on the stock. Wall Street Zen upgraded shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Saturday, October 4th. Raymond James Financial lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Piper Sandler reiterated an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Truist Financial set a $90.00 price target on shares of Wells Fargo & Company in a research note on Wednesday. Finally, Phillip Securities cut Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Nine investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $88.90.

Wells Fargo & Company Trading Up 2.6%

NYSE WFC traded up $2.22 during trading on Wednesday, hitting $86.78. The company had a trading volume of 4,030,439 shares, compared to its average volume of 16,586,813. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a one year low of $58.42 and a one year high of $87.07. The company has a market cap of $278.00 billion, a price-to-earnings ratio of 14.86, a price-to-earnings-growth ratio of 1.27 and a beta of 1.25. The company's fifty day moving average is $80.79 and its 200-day moving average is $76.67.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 EPS for the quarter, topping the consensus estimate 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 business had revenue of $21.44 billion during the quarter, compared to analyst estimates of $21.11 billion. During the same period in the prior year, the business earned $1.42 EPS. The company's revenue for the quarter was up 5.3% on a year-over-year basis. On average, sell-side analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Institutional Trading of Wells Fargo & Company

Institutional investors have recently made changes to their positions in the stock. Access Investment Management LLC purchased a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at about $25,000. McElhenny Sheffield Capital Management LLC purchased a new position in shares of Wells Fargo & Company in the second quarter worth approximately $27,000. CBIZ Investment Advisory Services LLC boosted its holdings in shares of Wells Fargo & Company by 585.5% in the first 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 during the last quarter. Kilter Group LLC purchased a new position in shares of Wells Fargo & Company in the second quarter worth approximately $31,000. Finally, Accent Capital Management LLC purchased a new position in shares of Wells Fargo & Company in the first quarter worth approximately $29,000. Hedge funds and other institutional investors 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.

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