Wells Fargo & Company (NYSE:WFC) Stock Rating Upgraded by Phillip Securities

Wells Fargo & Company (NYSE:WFC) was upgraded by stock analysts at Phillip Securities from a “moderate buy” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

A number of other research analysts also recently commented on WFC. Raymond James dropped their price objective on Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating on the stock in a report on Monday. Morgan Stanley boosted their price objective on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Monday, April 7th. Truist Financial dropped their target price on shares of Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research report on Monday. Barclays reduced their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research report on Monday. Finally, Bank of America cut their target price on Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Six research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $75.34.

Wells Fargo & Company Stock Up 2.4 %

Shares of Wells Fargo & Company stock opened at $64.58 on Monday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. The company has a market capitalization of $210.87 billion, a P/E ratio of 12.00, a P/E/G ratio of 1.18 and a beta of 1.02. The company has a 50 day moving average of $72.15 and a 200 day moving average of $70.97.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to analysts’ expectations of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.20 EPS. As a group, research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Institutional Trading of Wells Fargo & Company

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rialto Wealth Management LLC purchased a new position in Wells Fargo & Company in the 4th quarter valued at approximately $26,000. Investment Counsel Co. of Nevada purchased a new position in shares of Wells Fargo & Company in the fourth quarter valued at $28,000. BNP Paribas purchased a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $28,000. Rakuten Securities Inc. grew its stake in Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 237 shares during the last quarter. Finally, Modus Advisors LLC acquired a new position in Wells Fargo & Company during the fourth quarter worth about $30,000. Institutional investors and hedge funds 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.