Wells Fargo & Company (NYSE:WFC) Now Covered by Analysts at Truist Financial

Analysts at Truist Financial began coverage on shares of Wells Fargo & Company (NYSE:WFC) in a research report 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 would indicate a potential upside of 13.89% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Keefe, Bruyette & Woods upped their target price on Wells Fargo & Company from $61.00 to $79.00 and gave the company a “market perform” rating in a report on Tuesday, December 3rd. Compass Point increased their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective for the company in a research note on Tuesday, October 8th. Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and increased their price objective for the stock from $60.83 to $65.00 in a research note on Tuesday, October 15th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $61.00 price objective on shares of Wells Fargo & Company in a research note on Monday, October 14th. Thirteen analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $69.24.

Wells Fargo & Company Trading Up 1.0 %

Shares of Wells Fargo & Company stock opened at $72.00 on Tuesday. 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 firm has a market cap of $239.72 billion, a price-to-earnings ratio of 14.97, a price-to-earnings-growth ratio of 1.47 and a beta of 1.18. The business has a fifty day simple moving average of $71.64 and a 200-day simple moving average of $62.60. Wells Fargo & Company has a fifty-two week low of $46.12 and a fifty-two week high of $78.13.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data 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. The business 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 company’s revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.39 earnings per share. On average, equities analysts forecast that Wells Fargo & Company will post 5.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company 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 directly owns 163,610 shares of the company’s stock, valued at $10,421,957. The trade was a 26.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company 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 represents a 21.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

Institutional Trading of Wells Fargo & Company

Several institutional investors have recently modified their holdings of WFC. Acadian Asset Management LLC grew its holdings in shares of Wells Fargo & Company by 155.1% during the 2nd quarter. Acadian Asset Management LLC now owns 215,449 shares of the financial services provider’s stock worth $12,790,000 after purchasing an additional 130,985 shares in the last quarter. Liberty Wealth Management LLC grew its holdings in shares of 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 purchasing an additional 282 shares in the last quarter. LGT Fund Management Co Ltd. acquired a new stake in shares of Wells Fargo & Company during the 2nd quarter worth approximately $2,478,000. Royal London Asset Management Ltd. grew its holdings in shares of Wells Fargo & Company by 0.5% during the 2nd quarter. Royal London Asset Management Ltd. now owns 1,517,977 shares of the financial services provider’s stock worth $90,153,000 after purchasing an additional 8,119 shares in the last quarter. Finally, Sachetta LLC boosted its stake in Wells Fargo & Company by 4.6% in the 2nd quarter. Sachetta LLC now owns 4,867 shares of the financial services provider’s stock valued at $292,000 after buying an additional 213 shares in the last quarter. Institutional investors and hedge funds 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.