Wells Fargo & Company (NYSE:WFC) Upgraded to Moderate Buy at Dbs Bank

Wells Fargo & Company (NYSE:WFC) was upgraded by analysts at Dbs Bank from a "hold" rating to a "moderate buy" rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other brokerages have also recently commented on WFC. JPMorgan Chase & Co. dropped their price target on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. TD Cowen started coverage on Wells Fargo & Company in a research report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price objective for the company. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, April 14th. Finally, The Goldman Sachs Group cut their price target on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research note on Wednesday. Nine research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $80.39.

Wells Fargo & Company Trading Up 1.2%

Shares of Wells Fargo & Company stock traded up $0.93 during trading on Thursday, reaching $80.64. 21,202,185 shares of the company were exchanged, compared to its average volume of 17,458,807. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $83.95. The business has a 50-day moving average price of $77.14 and a 200-day moving average price of $74.21. The firm has a market capitalization of $262.42 billion, a price-to-earnings ratio of 13.81, a P/E/G ratio of 1.34 and a beta of 1.16.

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

Wells Fargo & Company announced that its Board of Directors has initiated a share repurchase plan on Tuesday, April 29th that allows the company to buyback $40.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 17.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Secured Retirement Advisors LLC purchased a new position in shares of Wells Fargo & Company during the first quarter worth approximately $408,000. RKL Wealth Management LLC increased its position in shares of Wells Fargo & Company by 166.4% during the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock worth $588,000 after acquiring an additional 5,113 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of Wells Fargo & Company by 12.1% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider's stock worth $45,783,000 after acquiring an additional 70,104 shares during the period. Silver Oak Securities Incorporated purchased a new position in shares of Wells Fargo & Company during the first quarter worth approximately $215,000. Finally, Principal Financial Group Inc. increased its position in shares of Wells Fargo & Company by 30.5% during the first quarter. Principal Financial Group Inc. now owns 4,926,423 shares of the financial services provider's stock worth $353,668,000 after acquiring an additional 1,152,181 shares during the period. 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.