Truist Financial Increases Wells Fargo & Company (NYSE:WFC) Price Target to $85.00

Wells Fargo & Company (NYSE:WFC) had its price objective raised by investment analysts at Truist Financial from $82.00 to $85.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target would indicate a potential upside of 12.90% from the stock’s current price.

Several other equities research analysts have also issued reports on WFC. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective for the company in a research note on Tuesday, October 8th. Piper Sandler increased their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Evercore ISI upped their target price on Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Compass Point boosted 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 note on Tuesday, December 10th. Finally, UBS Group lifted their price objective on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Twelve equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $70.06.

Wells Fargo & Company Stock Down 0.9 %

Shares of NYSE:WFC traded down $0.66 during midday trading on Thursday, hitting $75.29. 4,462,399 shares of the stock were exchanged, compared to its average volume of 14,741,936. The company has a market capitalization of $250.68 billion, a PE ratio of 15.65, a P/E/G ratio of 1.39 and a beta of 1.18. Wells Fargo & Company has a 52-week low of $46.12 and a 52-week high of $78.13. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85. The business’s fifty day simple moving average is $72.41 and its two-hundred day simple moving average is $63.15.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The business had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. During the same quarter in the previous year, the business posted $0.86 EPS. The firm’s quarterly revenue was down .5% compared to the same quarter last year. As a group, research analysts predict that Wells Fargo & Company will post 5.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in WFC. WINTON GROUP Ltd bought a new stake in Wells Fargo & Company in the 2nd quarter valued at $225,000. Edgestream Partners L.P. purchased a new position in shares of Wells Fargo & Company during the second quarter worth approximately $272,000. Mercer Global Advisors Inc. ADV grew its stake in Wells Fargo & Company by 16.7% in the second quarter. Mercer Global Advisors Inc. ADV now owns 607,195 shares of the financial services provider’s stock valued at $34,546,000 after purchasing an additional 86,777 shares during the last quarter. WCG Wealth Advisors LLC lifted its position in Wells Fargo & Company by 9.9% during the second quarter. WCG Wealth Advisors LLC now owns 46,982 shares of the financial services provider’s stock valued at $2,790,000 after acquiring an additional 4,239 shares during the last quarter. Finally, MQS Management LLC lifted its holdings in shares of Wells Fargo & Company by 61.1% during the 2nd quarter. MQS Management LLC now owns 9,990 shares of the financial services provider’s stock valued at $593,000 after purchasing an additional 3,790 shares during the last quarter. 75.90% of the stock is currently owned by 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.