Wells Fargo & Company (NYSE:WFC) Stock Rating Upgraded by Weiss Ratings

Wells Fargo & Company (NYSE:WFC) was upgraded by equities researchers at Weiss Ratings from a “hold (c)” rating to a “buy (b)” rating in a report released on Wednesday,Weiss Ratings reports.

Several other brokerages have also recently weighed in on WFC. Cowen reissued a “hold” rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Piper Sandler reissued an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Truist Financial increased their price target on Wells Fargo & Company from $86.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Dbs Bank raised Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Finally, UBS Group decreased their target price on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research note on Tuesday. Nine equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus target price of $85.41.

Wells Fargo & Company Trading Up 0.1%

Shares of WFC stock opened at $79.79 on Wednesday. The stock has a market cap of $255.60 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 1.29 and a beta of 1.25. The stock has a 50-day moving average of $80.63 and a 200-day moving average of $76.48. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 1-year low of $57.35 and a 1-year high of $86.65.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.13. The company had revenue of $20.82 billion during the quarter, compared to analysts’ expectations of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.33 earnings per share. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Institutional Investors Weigh In On Wells Fargo & Company

Hedge funds have recently added to or reduced their stakes in the company. Accretive Wealth Partners LLC bought a new position in shares of Wells Fargo & Company in the first quarter valued at approximately $399,000. Banco Bilbao Vizcaya Argentaria S.A. lifted its holdings in shares of Wells Fargo & Company by 10.4% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider’s stock valued at $54,471,000 after purchasing an additional 71,740 shares in the last quarter. Secured Retirement Advisors LLC bought a new position in shares of Wells Fargo & Company in the first quarter valued at approximately $408,000. RKL Wealth Management LLC lifted its holdings in shares of Wells Fargo & Company by 166.4% in the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock valued at $588,000 after purchasing an additional 5,113 shares in the last quarter. Finally, Three Bridge Wealth Advisors LLC bought a new position in shares of Wells Fargo & Company in the second quarter valued at approximately $364,000. Institutional investors and hedge funds 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.