Wells Fargo & Company (NYSE:WFC) Stock Price Expected to Rise, Citigroup Analyst Says

Wells Fargo & Company (NYSE:WFC) had its price target increased by research analysts at Citigroup from $67.00 to $82.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Citigroup’s price objective would indicate a potential upside of 11.44% from the company’s previous close.

Other equities analysts have also issued reports about the company. The Goldman Sachs Group dropped their price target on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th. Jefferies Financial Group lowered Wells Fargo & Company to a “hold” rating and dropped their price target for the company from $62.00 to $59.00 in a research note on Friday, August 16th. Royal Bank of Canada reissued a “sector perform” rating and set a $61.00 price target on shares of Wells Fargo & Company in a research note on Monday, October 14th. Piper Sandler increased their price target on Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Finally, Morgan Stanley dropped their price target on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research note on Monday, September 30th. Thirteen analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $63.07.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $73.58 on Tuesday. The firm has a market cap of $244.98 billion, a price-to-earnings ratio of 15.30, a price-to-earnings-growth ratio of 1.55 and a beta of 1.14. 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 business has a 50-day moving average price of $62.35 and a 200-day moving average price of $59.59. Wells Fargo & Company has a twelve month low of $42.15 and a twelve month high of $74.70.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. The firm had revenue of $20.37 billion during the quarter, compared to analyst estimates of $20.40 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The business’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.39 earnings per share. As a group, equities research analysts predict that Wells Fargo & Company will post 5.42 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Ather Williams III sold 60,000 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $10,421,957. This represents a 26.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $61.99, for a total value of $2,169,650.00. Following the completion of the transaction, the executive vice president now directly owns 126,687 shares in the company, valued at approximately $7,853,327.13. This trade represents a 21.65 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.

Institutional Trading of Wells Fargo & Company

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mattson Financial Services LLC bought a new stake in Wells Fargo & Company during the 2nd quarter valued at $25,000. Strategic Investment Solutions Inc. IL bought a new stake in Wells Fargo & Company during the 2nd quarter valued at $26,000. Truvestments Capital LLC bought a new stake in Wells Fargo & Company during the 3rd quarter valued at $29,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of Wells Fargo & Company in the 3rd quarter worth $34,000. Finally, FSA Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company in the 3rd quarter worth $34,000. Institutional investors own 75.90% of the company’s stock.

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.