Wells Fargo & Company (NYSE:WFC) Stock Rating Upgraded by Weiss Ratings

Key Points

• Weiss Ratings upgraded Wells Fargo's stock rating from "hold" to "buy," indicating a more favorable outlook for investors.
• Wells Fargo recently experienced a 1.1% decline in stock price, trading at $80.28, despite a solid earnings report exceeding analyst expectations.
• The company has an average rating of "Moderate Buy" from equities research analysts, with a current price target of $85.41.

Wells Fargo & Company (NYSE:WFC) was upgraded by equities researchers at Weiss Ratings from a "hold (c)" rating to a "buy (b)" rating in a note issued to investors on Wednesday,Weiss Ratings reports.

Several other analysts have also issued reports on the company. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. UBS Group cut their price target on Wells Fargo & Company from $95.00 to $93.00 and set a "buy" rating for the company in a report on Tuesday. Morgan Stanley lowered Wells Fargo & Company from an "overweight" rating to an "equal weight" rating and boosted their price target for the company from $87.00 to $90.00 in a report on Monday, September 29th. Raymond James Financial lowered Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. Finally, Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Saturday. Nine equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $85.41.

Wells Fargo & Company Trading Down 1.1%

WFC stock traded down $0.86 during midday trading on Wednesday, hitting $80.28. The company had a trading volume of 4,325,736 shares, compared to its average volume of 16,576,680. Wells Fargo & Company has a 52 week low of $57.07 and a 52 week high of $86.65. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The stock's 50 day moving average price is $80.69 and its 200 day moving average price is $76.42. The stock has a market cap of $257.17 billion, a price-to-earnings ratio of 13.75, a PEG ratio of 1.24 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results 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 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%.The firm's revenue was up .6% on a year-over-year basis. During the same period in the previous year, the company posted $1.33 earnings per share. As a group, equities research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wells Fargo & Company

Institutional investors have recently modified their holdings of the stock. Traphagen Investment Advisors LLC increased its stake in shares of Wells Fargo & Company by 2.0% in the 3rd quarter. Traphagen Investment Advisors LLC now owns 6,346 shares of the financial services provider's stock valued at $532,000 after purchasing an additional 127 shares in the last quarter. Wealth Management Partners LLC boosted its holdings in Wells Fargo & Company by 3.5% in the 2nd quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider's stock worth $313,000 after buying an additional 128 shares during the last quarter. Verum Partners LLC boosted its holdings in Wells Fargo & Company by 1.8% in the 2nd quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider's stock worth $582,000 after buying an additional 128 shares during the last quarter. Motive Wealth Advisors boosted its holdings in Wells Fargo & Company by 3.7% in the 2nd quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider's stock worth $293,000 after buying an additional 129 shares during the last quarter. Finally, Exencial Wealth Advisors LLC boosted its holdings in Wells Fargo & Company by 0.7% in the 2nd quarter. Exencial Wealth Advisors LLC now owns 18,009 shares of the financial services provider's stock worth $1,443,000 after buying an additional 131 shares during the last quarter. Hedge funds and other 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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