Wells Fargo & Company (NYSE:WFC) Price Target Raised to $62.00 at Piper Sandler

Wells Fargo & Company (NYSE:WFC) had its price target hoisted by stock analysts at Piper Sandler from $60.00 to $62.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price objective indicates a potential downside of 1.99% from the company’s current price.

Other analysts have also issued research reports about the stock. BMO Capital Markets lifted their price target 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. Wolfe Research upgraded shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 target price on the stock in a research note on Tuesday, October 8th. Evercore ISI increased their price target on shares of Wells Fargo & Company from $68.00 to $71.00 and gave the stock an “outperform” rating in a research report on Monday. The Goldman Sachs Group lowered their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Finally, Morgan Stanley reduced their target price on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a report on Monday, September 30th. Thirteen equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $61.86.

Wells Fargo & Company Stock Up 3.7 %

WFC traded up $2.27 during trading hours on Monday, reaching $63.26. 14,001,593 shares of the stock traded hands, compared to its average volume of 17,963,844. Wells Fargo & Company has a fifty-two week low of $38.58 and a fifty-two week high of $63.29. The company has a market cap of $220.54 billion, a price-to-earnings ratio of 12.99, a PEG ratio of 1.46 and a beta of 1.16. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85. The firm’s fifty day simple moving average is $55.39 and its two-hundred day simple moving average is $57.79.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. The business had revenue of $20.37 billion for the quarter, compared to analyst estimates of $20.40 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.39 earnings per share. As a group, analysts forecast that Wells Fargo & Company will post 5.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wells Fargo & Company

Large investors have recently made changes to their positions in the company. Mattson Financial Services LLC bought a new position in shares of Wells Fargo & Company in the 2nd quarter valued at about $25,000. Strategic Investment Solutions Inc. IL bought a new position in Wells Fargo & Company in the second quarter valued at approximately $26,000. Valued Wealth Advisors LLC grew its holdings in Wells Fargo & Company by 53.7% during the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 220 shares during the period. J.Safra Asset Management Corp grew its holdings in Wells Fargo & Company by 704.3% during the 1st quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 648 shares during the period. Finally, Fairscale Capital LLC acquired a new position in shares of Wells Fargo & Company in the 2nd quarter valued at $47,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Company Profile

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.