Weiss Ratings Reiterates Buy (B) Rating for Wells Fargo & Company (NYSE:WFC)

Key Points

• Weiss Ratings has reiterated a "buy (B)" rating for Wells Fargo & Company (NYSE: WFC), indicating strong analyst confidence in the stock.
• Wells Fargo recently posted quarterly earnings of $1.66 per share, exceeding estimates and reflecting a year-over-year revenue increase of 5.3%.
• Eleven analysts have rated Wells Fargo with a "buy" rating, contributing to an average consensus rating of "Moderate Buy" and a price target of $89.57.

Wells Fargo & Company (NYSE:WFC)'s stock had its "buy (b)" rating restated by Weiss Ratings in a report released on Friday,Weiss Ratings reports.

Other equities research analysts have also issued research reports about the stock. Truist Financial raised their price target on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, October 15th. Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Saturday, October 4th. 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. Barclays upped their price target on Wells Fargo & Company from $87.00 to $94.00 and gave the company an "overweight" rating in a research report on Wednesday, October 15th. Finally, Cowen restated a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, October 15th. Eleven 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, Wells Fargo & Company has an average rating of "Moderate Buy" and a consensus price target of $89.57.

Wells Fargo & Company Stock Performance

Shares of WFC stock traded up $1.99 during trading on Friday, hitting $86.45. The company's stock had a trading volume of 6,466,019 shares, compared to its average volume of 16,687,756. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. The company has a market cap of $276.94 billion, a PE ratio of 14.21, a P/E/G ratio of 1.15 and a beta of 1.25. The business has a fifty day moving average of $81.71 and a 200-day moving average of $77.44. Wells Fargo & Company has a 52 week low of $58.42 and a 52 week high of $87.47.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.11. The business had revenue of $21.44 billion for the quarter, compared to analysts' expectations of $21.11 billion. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The business's revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.42 earnings per share. As a group, research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Institutional Trading of Wells Fargo & Company

Several institutional investors and hedge funds have recently bought and sold shares of WFC. Hidden Cove Wealth Management LLC raised its position in shares of Wells Fargo & Company by 2.0% in the third quarter. Hidden Cove Wealth Management LLC now owns 5,948 shares of the financial services provider's stock worth $499,000 after buying an additional 119 shares in the last quarter. Zullo Investment Group Inc. raised its holdings in shares of Wells Fargo & Company by 2.0% in the 3rd quarter. Zullo Investment Group Inc. now owns 6,340 shares of the financial services provider's stock valued at $532,000 after acquiring an additional 122 shares in the last quarter. Embree Financial Group raised its holdings in shares of Wells Fargo & Company by 3.9% in the 3rd quarter. Embree Financial Group now owns 3,330 shares of the financial services provider's stock valued at $279,000 after acquiring an additional 126 shares in the last quarter. Trust Co. of Vermont boosted its position in shares of Wells Fargo & Company by 1.1% during the 3rd quarter. Trust Co. of Vermont now owns 12,098 shares of the financial services provider's stock valued at $1,014,000 after acquiring an additional 126 shares during the last quarter. Finally, Traphagen Investment Advisors LLC grew its holdings in shares of Wells Fargo & Company by 2.0% during the third quarter. Traphagen Investment Advisors LLC now owns 6,346 shares of the financial services provider's stock worth $532,000 after purchasing an additional 127 shares in the last quarter. 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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