Wells Fargo & Company (NYSE:WFC) Price Target Raised to $92.00 at Keefe, Bruyette & Woods

Key Points

• Wells Fargo's stock price target has been raised from $85.00 to $92.00 by Keefe, Bruyette & Woods, indicating a potential upside of 8.87% from the previous close.
• The company recently reported earnings of $1.66 per share, surpassing estimates, with revenues of $21.44 billion, reflecting a year-over-year increase of 5.3%.
• Wells Fargo currently holds a consensus rating of "Moderate Buy" with nine analysts recommending a buy and eight rating it as hold.

Wells Fargo & Company (NYSE:WFC) had its target price boosted by equities research analysts at Keefe, Bruyette & Woods from $85.00 to $92.00 in a report released on Wednesday,Benzinga reports. The firm presently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' target price would suggest a potential upside of 8.87% from the company's previous close.

WFC has been the subject of several other research reports. Weiss Ratings upgraded shares of Wells Fargo & Company from a "hold (c)" rating to a "buy (b)" rating in a research report on Wednesday, October 8th. Dbs Bank upgraded Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. The Goldman Sachs Group cut their target price on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. UBS Group decreased their target price on Wells Fargo & Company from $95.00 to $93.00 and set a "buy" rating for the company in a research report on Tuesday, October 7th. Finally, Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Nine equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $87.63.

Wells Fargo & Company Stock Up 7.1%

NYSE WFC opened at $84.51 on Wednesday. The stock has a market capitalization of $270.71 billion, a P/E ratio of 14.47, a price-to-earnings-growth ratio of 1.27 and a beta of 1.25. Wells Fargo & Company has a 52 week low of $58.42 and a 52 week high of $86.65. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The stock has a fifty day moving average of $80.79 and a 200-day moving average of $76.67.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.11. The business had revenue of $21.44 billion for the quarter, compared to analyst estimates of $21.11 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The firm's revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.42 earnings per share. On average, equities 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 made changes to their positions in WFC. Access Investment Management LLC bought a new stake in Wells Fargo & Company during the 2nd quarter worth about $25,000. CBIZ Investment Advisory Services LLC increased its position 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 valued at $27,000 after acquiring an additional 322 shares during the last quarter. McElhenny Sheffield Capital Management LLC bought a new stake in Wells Fargo & Company during the second quarter worth about $27,000. Motco raised its holdings in Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after acquiring an additional 326 shares in the last quarter. Finally, Accent Capital Management LLC acquired a new position in Wells Fargo & Company during the first quarter valued at approximately $29,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.