Wells Fargo & Company (NYSE:WFC) Rating Increased to Outperform at Royal Bank of Canada

Wells Fargo & Company (NYSE:WFC) was upgraded by stock analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a report released on Thursday,Benzinga reports. The firm presently has a $80.00 target price on the financial services provider’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 15.97% from the stock’s previous close.

Several other brokerages also recently issued reports on WFC. Piper Sandler lifted their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. UBS Group lifted their target price on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, December 9th. The Goldman Sachs Group increased their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Truist Financial lifted their price objective on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Finally, Citigroup raised their target price on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. Ten analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company has a consensus rating of “Moderate Buy” and an average target price of $74.39.

Wells Fargo & Company Trading Up 2.5 %

Shares of WFC opened at $68.98 on Thursday. The stock’s 50-day moving average price is $75.94 and its 200 day moving average price is $68.74. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $226.83 billion, a price-to-earnings ratio of 12.82, a P/E/G ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. During the same period in the prior year, the company posted $0.86 earnings per share. Wells Fargo & Company’s revenue was down .5% on a year-over-year basis. As a group, research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Northstar Financial Companies Inc. acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at $638,000. Wood Tarver Financial Group LLC acquired a new position in Wells Fargo & Company in the fourth quarter valued at about $514,000. TFR Capital LLC. bought a new stake in shares of Wells Fargo & Company in the fourth quarter worth about $214,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $198,801,000. Finally, Brucke Financial Inc. bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at about $1,013,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.