Wells Fargo & Company (NYSE:WFC) Coverage Initiated by Analysts at Truist Financial

Equities research analysts at Truist Financial initiated coverage on shares of Wells Fargo & Company (NYSE:WFC) in a research note issued on Tuesday,Benzinga reports. The brokerage set a “buy” rating and a $82.00 price target on the financial services provider’s stock. Truist Financial’s price objective points to a potential upside of 14.61% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Phillip Securities upgraded shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and upped their price objective for the stock from $60.83 to $65.00 in a research report on Tuesday, October 15th. Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target for the company in a report on Tuesday, October 8th. Evercore ISI raised their price objective on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Morgan Stanley dropped their target price on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a research report on Monday, September 30th. Finally, The Goldman Sachs Group raised their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a report on Friday, December 6th. Twelve analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.92.

Wells Fargo & Company Price Performance

Shares of WFC opened at $71.55 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85. Wells Fargo & Company has a fifty-two week low of $46.12 and a fifty-two week high of $78.13. The firm has a 50-day simple moving average of $71.89 and a 200-day simple moving average of $62.76. The company has a market capitalization of $238.23 billion, a price-to-earnings ratio of 14.88, a price-to-earnings-growth ratio of 1.47 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.14. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The company had revenue of $20.37 billion for the quarter, compared to the consensus estimate of $20.40 billion. During the same period last year, the business posted $1.39 EPS. The company’s revenue was down 2.4% on a year-over-year basis. On average, equities research analysts anticipate that Wells Fargo & Company will post 5.43 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction 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 in the company, valued at approximately $10,421,957. This trade represents a 26.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Beurden Saul Van sold 35,000 shares of the firm’s stock in a transaction dated 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 owns 126,687 shares in the company, valued at approximately $7,853,327.13. This trade represents a 21.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Wells Fargo & Company

Several institutional investors have recently bought and sold shares of WFC. Acadian Asset Management LLC raised its position in Wells Fargo & Company by 155.1% in the second quarter. Acadian Asset Management LLC now owns 215,449 shares of the financial services provider’s stock valued at $12,790,000 after purchasing an additional 130,985 shares during the period. Liberty Wealth Management LLC lifted its position in Wells Fargo & Company by 2.4% during the 2nd quarter. Liberty Wealth Management LLC now owns 12,150 shares of the financial services provider’s stock worth $722,000 after acquiring an additional 282 shares in the last quarter. LGT Fund Management Co Ltd. purchased a new position in Wells Fargo & Company in the 2nd quarter worth approximately $2,478,000. Royal London Asset Management Ltd. grew its position in Wells Fargo & Company by 0.5% in the second quarter. Royal London Asset Management Ltd. now owns 1,517,977 shares of the financial services provider’s stock valued at $90,153,000 after acquiring an additional 8,119 shares in the last quarter. Finally, Sachetta LLC raised its stake in shares of Wells Fargo & Company by 4.6% during the second quarter. Sachetta LLC now owns 4,867 shares of the financial services provider’s stock valued at $292,000 after purchasing an additional 213 shares during the period. 75.90% of the stock is currently owned by hedge funds and other 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.