Wells Fargo & Company (NYSE:WFC) Price Target Raised to $50.00

Wells Fargo & Company (NYSE:WFC) had its target price increased by research analysts at BMO Capital Markets from $49.00 to $50.00 in a research note issued to investors on Monday, October 16th. The firm presently has a “market perform” rating on the financial services provider’s stock. BMO Capital Markets’ price objective suggests a potential downside of 10.51% from the company’s previous close.

Several other research firms have also commented on WFC. Deutsche Bank AG reaffirmed a “buy” rating on shares of Wells Fargo & in a research report on Monday, July 3rd. Zacks Investment Research raised shares of Wells Fargo & from a “sell” rating to a “hold” rating in a report on Monday, July 10th. Goldman Sachs Group, Inc. (The) reissued a “buy” rating on shares of Wells Fargo & in a report on Wednesday, October 11th. Buckingham Research reissued a “neutral” rating and issued a $62.00 target price (up from $60.00) on shares of Wells Fargo & in a report on Monday, July 10th. Finally, Robert W. Baird reissued a “buy” rating and issued a $58.00 target price on shares of Wells Fargo & in a report on Friday, October 6th. Six equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $57.20.

Shares of Wells Fargo & (NYSE WFC) traded up 0.45% during midday trading on Monday, reaching $55.87. 17,258,583 shares of the company’s stock traded hands. Wells Fargo & has a 52-week low of $44.49 and a 52-week high of $59.99. The firm has a market cap of $275.32 billion, a PE ratio of 14.44 and a beta of 0.97. The company has a 50 day moving average of $53.67 and a 200 day moving average of $53.49.

Wells Fargo & (NYSE:WFC) last released its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.84 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.20). Wells Fargo & had a net margin of 22.00% and a return on equity of 12.59%. The business had revenue of $21.93 billion for the quarter, compared to analysts’ expectations of $22.30 billion. During the same period in the previous year, the company earned $1.03 EPS. Wells Fargo &’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, equities analysts predict that Wells Fargo & will post $3.95 EPS for the current fiscal year.

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Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Wells Fargo & by 1.2% during the second quarter. Vanguard Group Inc. now owns 314,755,460 shares of the financial services provider’s stock valued at $17,440,601,000 after buying an additional 3,621,402 shares during the period. Capital World Investors increased its stake in shares of Wells Fargo & by 10.8% during the second quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock valued at $6,192,259,000 after buying an additional 10,927,679 shares during the period. Capital Research Global Investors increased its stake in shares of Wells Fargo & by 19.7% during the second quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock valued at $2,511,614,000 after buying an additional 7,445,414 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Wells Fargo & by 26.7% during the second quarter. Dimensional Fund Advisors LP now owns 29,838,289 shares of the financial services provider’s stock valued at $1,653,464,000 after buying an additional 6,291,906 shares during the period. Finally, Davis Selected Advisers increased its stake in shares of Wells Fargo & by 1.9% during the second quarter. Davis Selected Advisers now owns 25,966,811 shares of the financial services provider’s stock valued at $1,438,821,000 after buying an additional 472,585 shares during the period. Hedge funds and other institutional investors own 75.02% of the company’s stock.

About Wells Fargo &

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.

Analyst Recommendations for Wells Fargo & (NYSE:WFC)

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