Morgan Stanley Boosts Wells Fargo & Company (NYSE:WFC) Price Target to $68.00

Wells Fargo & Company (NYSE:WFC) had its target price lifted by research analysts at Morgan Stanley from $64.00 to $68.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s target price would suggest a potential upside of 12.38% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Jefferies Financial Group increased their target price on shares of Wells Fargo & Company from $62.00 to $64.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. BMO Capital Markets upped their target price on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research note on Thursday, July 11th. Keefe, Bruyette & Woods decreased their target price on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a report on Monday, July 15th. StockNews.com upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Monday, April 15th. Finally, Oppenheimer reiterated a “market perform” rating on shares of Wells Fargo & Company in a research note on Monday, April 15th. Thirteen equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $59.52.

Wells Fargo & Company Trading Up 1.5 %

WFC stock traded up $0.92 during trading on Tuesday, reaching $60.51. 1,985,519 shares of the stock were exchanged, compared to its average volume of 18,098,609. The business has a 50 day moving average price of $59.12 and a 200-day moving average price of $56.66. Wells Fargo & Company has a 1 year low of $38.38 and a 1 year high of $62.55. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11. The firm has a market capitalization of $210.96 billion, a price-to-earnings ratio of 12.43, a P/E/G ratio of 1.48 and a beta of 1.17.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.04. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The company had revenue of $20.69 billion during the quarter, compared to analyst estimates of $20.29 billion. During the same period in the prior year, the business posted $1.25 earnings per share. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. On average, research analysts predict that Wells Fargo & Company will post 5.14 earnings per share for the current year.

Hedge Funds Weigh In On Wells Fargo & Company

Hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $2,623,044,000. Capital World Investors grew its stake in Wells Fargo & Company by 1.0% in the 4th quarter. Capital World Investors now owns 26,319,775 shares of the financial services provider’s stock worth $1,295,459,000 after acquiring an additional 263,176 shares during the period. Sanders Capital LLC grew its holdings in Wells Fargo & Company by 3.2% in the 4th quarter. Sanders Capital LLC now owns 25,218,016 shares of the financial services provider’s stock valued at $1,241,231,000 after buying an additional 781,772 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Wells Fargo & Company by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,237,905 shares of the financial services provider’s stock valued at $1,143,770,000 after purchasing an additional 526,178 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Wells Fargo & Company by 3.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 18,941,772 shares of the financial services provider’s stock valued at $932,352,000 after acquiring an additional 596,521 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.