Barclays Forecasts Strong Price Appreciation for Wells Fargo & Company (NYSE:WFC) Stock

by · The Markets Daily

Wells Fargo & Company (NYSE:WFC) had its price objective increased by Barclays from $75.00 to $90.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price target points to a potential upside of 23.86% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. Wolfe Research upgraded Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target for the company in a research note on Tuesday, October 8th. The Goldman Sachs Group lifted their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Morgan Stanley lowered their price objective on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research note on Monday, September 30th. Phillip Securities upgraded shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and lifted their target price for the stock from $60.83 to $65.00 in a research report on Tuesday, October 15th. Finally, UBS Group upped their price target on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Thirteen equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $68.63.

Get Our Latest Report on Wells Fargo & Company

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock traded up $1.35 during trading on Monday, reaching $72.66. 6,466,401 shares of the company’s stock were exchanged, compared to its average volume of 7,808,706. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85. Wells Fargo & Company has a 1-year low of $46.12 and a 1-year high of $78.13. The company has a market cap of $241.92 billion, a P/E ratio of 15.11, a PEG ratio of 1.47 and a beta of 1.16. The firm’s 50-day moving average price is $71.51 and its 200 day moving average price is $62.51.

Wells Fargo & Company (NYSE:WFC – Get Free Report) last issued its earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping the consensus estimate of $1.28 by $0.14. The firm had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The business’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.39 earnings per share. As a group, research analysts anticipate that Wells Fargo & Company will post 5.43 earnings per share for the current year.

Insider Activity

In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $61.99, for a total transaction of $2,169,650.00. Following the completion of the sale, the executive vice president now owns 126,687 shares in the company, valued at approximately $7,853,327.13. The trade was a 21.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total transaction of $3,822,000.00. Following the transaction, the executive vice president now owns 163,610 shares in the company, valued at approximately $10,421,957. The trade was a 26.83 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On Wells Fargo & Company

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mattson Financial Services LLC acquired a new position in Wells Fargo & Company during the 2nd quarter valued at about $25,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Wells Fargo & Company in the second quarter valued at approximately $26,000. Truvestments Capital LLC purchased a new position in shares of Wells Fargo & Company during the third quarter valued at approximately $29,000. Modus Advisors LLC bought a new stake in Wells Fargo & Company during the fourth quarter worth $30,000. Finally, MidAtlantic Capital Management Inc. purchased a new stake in Wells Fargo & Company in the 3rd quarter valued at $34,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Company Profile

(Get Free Report)

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.

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