Wells Fargo & Company (NYSE:WFC) Upgraded by Piper Sandler to “Overweight” Rating

Wells Fargo & Company (NYSE:WFC) was upgraded by investment analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a report released on Tuesday,Benzinga reports. The firm currently has a $77.00 price target on the financial services provider’s stock. Piper Sandler’s price objective would suggest a potential upside of 23.97% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. Citigroup decreased their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. JPMorgan Chase & Co. decreased their target price on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Royal Bank of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target for the company in a research report on Thursday, March 13th. Compass Point upped their price objective on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Finally, Bank of America dropped their target price on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Eight research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average target price of $75.66.

Wells Fargo & Company Trading Up 1.9 %

NYSE WFC opened at $62.11 on Tuesday. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The business has a fifty day simple moving average of $74.62 and a 200 day simple moving average of $70.72. The firm has a market capitalization of $202.81 billion, a P/E ratio of 11.55, a PEG ratio of 1.18 and a beta of 1.02.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The company had revenue of $20.38 billion for the quarter, compared to analysts’ expectations of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company’s revenue was down .5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.86 EPS. On average, analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Institutional Investors Weigh In On Wells Fargo & Company

Several institutional investors and hedge funds have recently bought and sold shares of WFC. Spinnaker Trust lifted its stake in Wells Fargo & Company by 1.8% in the fourth quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider’s stock worth $520,000 after acquiring an additional 130 shares during the period. Shakespeare Wealth Management LLC lifted its position in shares of Wells Fargo & Company by 0.9% in the 4th quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider’s stock worth $972,000 after purchasing an additional 130 shares during the period. MONECO Advisors LLC boosted its stake in shares of Wells Fargo & Company by 1.9% during the 4th quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider’s stock valued at $493,000 after purchasing an additional 134 shares in the last quarter. Safeguard Investment Advisory Group LLC increased its position in shares of Wells Fargo & Company by 2.4% during the fourth quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider’s stock valued at $410,000 after buying an additional 137 shares during the period. Finally, Crown Wealth Group LLC raised its stake in Wells Fargo & Company by 2.2% in the fourth quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider’s stock worth $467,000 after buying an additional 140 shares in the last quarter. Hedge funds and other 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.