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

Wells Fargo & Company (NYSE:WFC) had its price target raised by investment analysts at Morgan Stanley from $84.00 to $88.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s target price indicates a potential upside of 16.88% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Truist Financial upped their target price on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday. The Goldman Sachs Group increased their target price on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and boosted their price target for the company from $60.83 to $65.00 in a research note on Tuesday, October 15th. Keefe, Bruyette & Woods lifted their price objective on Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a report on Thursday. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $61.00 target price on shares of Wells Fargo & Company in a research note on Monday, October 14th. Twelve equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $71.49.

Wells Fargo & Company Stock Performance

NYSE WFC traded down $0.66 during midday trading on Thursday, hitting $75.29. The company had a trading volume of 10,362,537 shares, compared to its average volume of 15,252,909. The firm has a fifty day simple moving average of $72.41 and a two-hundred day simple moving average of $63.15. Wells Fargo & Company has a fifty-two week low of $46.12 and a fifty-two week high of $78.13. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The stock has a market cap of $250.67 billion, a price-to-earnings ratio of 15.66, a P/E/G ratio of 1.39 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (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 firm had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. During the same period in the previous year, the company posted $0.86 earnings per share. The company’s quarterly revenue was down .5% compared to the same quarter last year. Equities analysts forecast that Wells Fargo & Company will post 5.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wells Fargo & Company

Institutional investors and hedge funds have recently modified their holdings of the business. Mattson Financial Services LLC acquired a new stake in Wells Fargo & Company during the 2nd quarter worth $25,000. Strategic Investment Solutions Inc. IL bought a new stake in Wells Fargo & Company in the second quarter valued at about $26,000. Truvestments Capital LLC acquired a new position in Wells Fargo & Company in the third quarter valued at about $29,000. Modus Advisors LLC bought a new position in Wells Fargo & Company during the fourth quarter worth about $30,000. Finally, Decker Retirement Planning Inc. acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth about $32,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Company Profile

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.