Morgan Stanley Increases Wells Fargo & Company (NYSE:WFC) Price Target to $64.00

Wells Fargo & Company (NYSE:WFC) had its price target boosted by stock analysts at Morgan Stanley from $63.00 to $64.00 in a report released on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s price target points to a potential upside of 13.48% from the company’s current price.

Several other equities research analysts also recently issued reports on the company. Evercore ISI increased their price objective on Wells Fargo & Company from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. Compass Point reissued a “neutral” rating and issued a $64.00 price objective on shares of Wells Fargo & Company in a research note on Tuesday, April 9th. The Goldman Sachs Group increased their price objective on Wells Fargo & Company from $57.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Argus increased their price objective on Wells Fargo & Company from $57.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Piper Sandler reduced their price objective on Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, January 16th. Thirteen research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Hold” and a consensus target price of $58.85.

Wells Fargo & Company Trading Down 1.0 %

Shares of WFC stock opened at $56.40 on Monday. The stock has a 50-day simple moving average of $55.25 and a 200 day simple moving average of $48.55. Wells Fargo & Company has a fifty-two week low of $36.40 and a fifty-two week high of $58.44. The stock has a market capitalization of $199.68 billion, a P/E ratio of 11.77, a P/E/G ratio of 1.18 and a beta of 1.19. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The business had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. During the same quarter last year, the business posted $1.23 earnings per share. The company’s quarterly revenue was up .6% on a year-over-year basis. On average, sell-side analysts expect that Wells Fargo & Company will post 4.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wells Fargo & Company

Institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank bought a new stake in Wells Fargo & Company in the fourth quarter valued at about $2,623,044,000. Moneta Group Investment Advisors LLC increased its holdings in Wells Fargo & Company by 129,312.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 26,287,479 shares of the financial services provider’s stock valued at $1,085,410,000 after purchasing an additional 26,267,166 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Wells Fargo & Company by 1,478.6% in the first quarter. Renaissance Technologies LLC now owns 8,390,611 shares of the financial services provider’s stock valued at $406,609,000 after purchasing an additional 7,859,100 shares during the last quarter. Ontario Teachers Pension Plan Board bought a new stake in Wells Fargo & Company in the first quarter valued at about $345,861,000. Finally, Legal & General Group Plc increased its holdings in Wells Fargo & Company by 31.3% in the fourth quarter. Legal & General Group Plc now owns 25,640,835 shares of the financial services provider’s stock valued at $1,262,043,000 after purchasing an additional 6,118,817 shares during 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.