Wells Fargo & Company (NYSE:WFC) Price Target Raised to $88.00 at Truist Financial

Key Points

• Wells Fargo & Company's price target has been raised from $86.00 to $88.00 by Truist Financial, indicating a potential upside of 4.70% from its previous close.
• Goldman Sachs has lowered its price objective from $92.00 to $91.00, while Bank of America increased theirs from $83.00 to $90.00, both maintaining a "buy" rating.
• The company reported $1.54 earnings per share for the last quarter, exceeding analyst estimates, with a revenue of $20.82 billion against an expectation of $20.83 billion.

Wells Fargo & Company (NYSE:WFC) had its price objective raised by equities research analysts at Truist Financial from $86.00 to $88.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the financial services provider's stock. Truist Financial's price target would suggest a potential upside of 4.70% from the company's previous close.

Several other analysts have also weighed in on WFC. The Goldman Sachs Group lowered their price objective on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Bank of America raised their price objective on Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Dbs Bank raised Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Evercore ISI reaffirmed an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Raymond James Financial downgraded Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 7th. Ten equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $82.97.

Wells Fargo & Company Trading Down 0.4%

Shares of NYSE:WFC traded down $0.32 during mid-day trading on Wednesday, hitting $84.05. The company had a trading volume of 4,957,967 shares, compared to its average volume of 16,889,557. The firm has a fifty day moving average price of $80.58 and a 200 day moving average price of $75.56. The company has a market capitalization of $269.24 billion, a PE ratio of 14.39, a price-to-earnings-growth ratio of 1.32 and a beta of 1.25. 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 one year low of $53.31 and a one year high of $86.65.

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

Institutional Trading of Wells Fargo & Company

A number of institutional investors have recently bought and sold shares of WFC. WT Wealth Management boosted its stake in Wells Fargo & Company by 9.3% during the second quarter. WT Wealth Management now owns 3,582 shares of the financial services provider's stock worth $287,000 after acquiring an additional 306 shares in the last quarter. NWF Advisory Services Inc. increased its stake in shares of Wells Fargo & Company by 1.4% in the second quarter. NWF Advisory Services Inc. now owns 40,125 shares of the financial services provider's stock worth $3,215,000 after buying an additional 550 shares during the period. Centaurus Financial Inc. boosted its holdings in shares of Wells Fargo & Company by 63.5% during the 2nd quarter. Centaurus Financial Inc. now owns 60,607 shares of the financial services provider's stock valued at $4,856,000 after buying an additional 23,549 shares in the last quarter. Orion Porfolio Solutions LLC raised its position in Wells Fargo & Company by 43.2% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 216,618 shares of the financial services provider's stock worth $17,355,000 after buying an additional 65,356 shares during the last quarter. Finally, MASTERINVEST Kapitalanlage GmbH purchased a new stake in Wells Fargo & Company in the 2nd quarter worth approximately $1,359,000. Institutional investors own 75.90% of the company's stock.

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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