Wells Fargo & Company (NYSE:WFC) Given New $62.00 Price Target at Piper Sandler

Wells Fargo & Company (NYSE:WFC) had its price target hoisted by equities researchers at Piper Sandler from $60.00 to $62.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price target suggests a potential downside of 1.99% from the company’s current price.

Several other analysts also recently commented on the company. Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and reduced their price objective for the company from $62.00 to $59.00 in a research note on Friday, August 16th. BMO Capital Markets lifted their price objective on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research report on Thursday, July 11th. Royal Bank of Canada restated a “sector perform” rating and set a $61.00 price objective on shares of Wells Fargo & Company in a research report on Monday. Keefe, Bruyette & Woods lowered their target price on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a report on Monday, July 15th. Finally, Evercore ISI increased their price target on shares of Wells Fargo & Company from $68.00 to $71.00 and gave the stock an “outperform” rating in a report on Monday. Thirteen equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $61.86.

Wells Fargo & Company Stock Up 3.7 %

Shares of WFC stock traded up $2.27 on Monday, reaching $63.26. 14,001,593 shares of the stock were exchanged, compared to its average volume of 17,963,844. The company has a market capitalization of $220.54 billion, a price-to-earnings ratio of 12.99, a PEG ratio of 1.46 and a beta of 1.16. The business’s 50 day moving average price is $55.39 and its 200 day moving average price is $57.79. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11. Wells Fargo & Company has a twelve month low of $38.58 and a twelve month high of $63.29.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. The firm had revenue of $20.37 billion for the quarter, compared to the consensus estimate of $20.40 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The company’s revenue was down 2.4% on a year-over-year basis. During the same period last year, the firm posted $1.39 EPS. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cardinal Capital Management Inc. lifted its stake in shares of Wells Fargo & Company by 2.0% in the 3rd quarter. Cardinal Capital Management Inc. now owns 575,419 shares of the financial services provider’s stock valued at $32,505,000 after purchasing an additional 11,037 shares in the last quarter. Ballentine Partners LLC increased its position in shares of Wells Fargo & Company by 5.4% in the first quarter. Ballentine Partners LLC now owns 35,785 shares of the financial services provider’s stock worth $2,074,000 after acquiring an additional 1,835 shares in the last quarter. Wedmont Private Capital increased its position in shares of Wells Fargo & Company by 16.4% in the first quarter. Wedmont Private Capital now owns 152,910 shares of the financial services provider’s stock worth $8,805,000 after acquiring an additional 21,496 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Wells Fargo & Company by 28.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 473,444 shares of the financial services provider’s stock valued at $27,441,000 after acquiring an additional 106,260 shares during the period. Finally, FORVIS Wealth Advisors LLC lifted its holdings in shares of Wells Fargo & Company by 154.2% during the 1st quarter. FORVIS Wealth Advisors LLC now owns 27,222 shares of the financial services provider’s stock valued at $1,578,000 after acquiring an additional 16,515 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

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.