Research Analysts’ Weekly Ratings Updates for Wells Fargo & Company (WFC)

by · The Cerbat Gem

Several analysts have recently updated their ratings and price targets for Wells Fargo & Company (NYSE: WFC):

  • 10/15/2024 – Wells Fargo & Company had its price target raised by analysts at Compass Point from $57.00 to $60.00. They now have a “neutral” rating on the stock.
  • 10/15/2024 – Wells Fargo & Company was upgraded by analysts at Phillip Securities from a “neutral” rating to an “accumulate” rating. They now have a $65.00 price target on the stock, up previously from $60.83.
  • 10/14/2024 – Wells Fargo & Company had its “sector perform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $61.00 price target on the stock.
  • 10/14/2024 – Wells Fargo & Company had its price target raised by analysts at Evercore ISI from $68.00 to $71.00. They now have an “outperform” rating on the stock.
  • 10/14/2024 – Wells Fargo & Company had its price target raised by analysts at Piper Sandler from $60.00 to $62.00. They now have a “neutral” rating on the stock.
  • 10/8/2024 – Wells Fargo & Company was upgraded by analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating. They now have a $65.00 price target on the stock.
  • 10/2/2024 – Wells Fargo & Company had its price target raised by analysts at Evercore ISI from $65.00 to $68.00. They now have an “outperform” rating on the stock.
  • 9/30/2024 – Wells Fargo & Company had its price target lowered by analysts at Morgan Stanley from $68.00 to $67.00. They now have an “overweight” rating on the stock.
  • 9/11/2024 – Wells Fargo & Company had its price target lowered by analysts at The Goldman Sachs Group, Inc. from $68.00 to $65.00. They now have a “buy” rating on the stock.
  • 9/6/2024 – Wells Fargo & Company had its price target lowered by analysts at Evercore ISI from $67.00 to $65.00. They now have an “outperform” rating on the stock.
  • 9/3/2024 – Wells Fargo & Company was upgraded by analysts at Deutsche Bank Aktiengesellschaft from a “hold” rating to a “buy” rating. They now have a $65.00 price target on the stock.

Wells Fargo & Company Stock Performance

WFC stock traded down $0.33 on Wednesday, hitting $64.48. The company’s stock had a trading volume of 12,028,704 shares, compared to its average volume of 18,064,189. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11. The stock has a market cap of $224.80 billion, a price-to-earnings ratio of 13.24, a price-to-earnings-growth ratio of 1.46 and a beta of 1.16. Wells Fargo & Company has a 1 year low of $38.58 and a 1 year high of $65.21. The firm has a 50 day moving average of $56.98 and a two-hundred day moving average of $58.11.

Wells Fargo & Company (NYSE:WFC – Get Free Report) last released its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.14. The company had revenue of $20.37 billion for the quarter, compared to analysts’ expectations of $20.40 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.39 EPS. Equities analysts predict that Wells Fargo & Company will post 5.12 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 8th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.48%. Wells Fargo & Company’s dividend payout ratio is currently 32.85%.

Insider Activity

In related news, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total value 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 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction that occurred 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 directly owns 126,687 shares of the company’s stock, valued at $7,853,327.13. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total transaction of $3,822,000.00. Following the completion of the sale, the executive vice president now owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Institutional Trading of Wells Fargo & Company

A number of institutional investors and hedge funds have recently modified their holdings of the company. Ellenbecker Investment Group raised its position in shares of Wells Fargo & Company by 3.9% during the 3rd quarter. Ellenbecker Investment Group now owns 4,418 shares of the financial services provider’s stock valued at $250,000 after acquiring an additional 164 shares during the last quarter. Income Research & Management bought a new stake in Wells Fargo & Company in the 3rd quarter valued at approximately $211,000. John W. Brooker & Co. CPAs boosted its stake in shares of Wells Fargo & Company by 2.5% during the 2nd quarter. John W. Brooker & Co. CPAs now owns 7,075 shares of the financial services provider’s stock worth $420,000 after buying an additional 171 shares during the last quarter. McAdam LLC grew its stake in shares of Wells Fargo & Company by 3.3% in the second quarter. McAdam LLC now owns 5,609 shares of the financial services provider’s stock valued at $333,000 after buying an additional 178 shares in the last quarter. Finally, Eclectic Associates Inc. ADV lifted its stake in shares of Wells Fargo & Company by 1.2% during the 3rd quarter. Eclectic Associates Inc. ADV now owns 15,452 shares of the financial services provider’s stock worth $873,000 after buying an additional 178 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

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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