Wall Street Zen Upgrades Wells Fargo & Company (NYSE:WFC) to "Hold"

Key Points

• Wells Fargo & Company has been upgraded from a "sell" rating to a "hold" rating by Wall Street Zen, reflecting a more optimistic outlook from analysts.
• The stock currently has a consensus rating of "Moderate Buy" with a target price of $83.74, and several analysts have reiterated their "hold" ratings recently.
• As of the last report, Wells Fargo reported earnings per share of $1.54, surpassing estimates, with revenue of $20.82 billion for the quarter.

Wells Fargo & Company (NYSE:WFC) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday.

A number of other analysts have also issued reports on WFC. Weiss Ratings reiterated a "hold (c)" rating on shares of Wells Fargo & Company in a research note on Saturday, September 27th. Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Citigroup boosted their price objective on Wells Fargo & Company from $85.00 to $90.00 and gave the company a "neutral" rating in a research note on Tuesday, September 23rd. Raymond James Financial lowered Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Finally, Truist Financial boosted their price objective on Wells Fargo & Company from $86.00 to $88.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $83.74.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $80.63 on Friday. The firm has a market cap of $258.28 billion, a PE ratio of 13.81, a PEG ratio of 1.24 and a beta of 1.25. The stock's fifty day moving average price is $80.77 and its two-hundred day moving average price is $76.28. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. Wells Fargo & Company has a 1 year low of $55.98 and a 1 year high of $86.65.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The firm had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. During the same period in the previous year, the company posted $1.33 earnings per share. The business's revenue was up .6% on a year-over-year basis. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Institutional Investors Weigh In On Wells Fargo & Company

Several institutional investors have recently bought and sold shares of the stock. Access Investment Management LLC bought a new position in Wells Fargo & Company during the 2nd quarter valued at approximately $25,000. CBIZ Investment Advisory Services LLC raised 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 valued at $27,000 after purchasing an additional 322 shares during the last quarter. McElhenny Sheffield Capital Management LLC bought a new position in Wells Fargo & Company during the 2nd quarter valued at approximately $27,000. Motco raised 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 valued at $29,000 after purchasing an additional 326 shares during the last quarter. Finally, Accent Capital Management LLC bought a new position in Wells Fargo & Company during the 1st quarter valued at approximately $29,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

About Wells Fargo & Company

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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