Wells Fargo & Company (NYSE:WFC) Stock Keeps “Buy” Rating at TD Cowen

Wells Fargo & Company (NYSE:WFC)‘s stock had its “buy” rating restated by analysts at TD Cowen in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $95.00 price objective on the financial services provider’s stock. TD Cowen’s price objective suggests a potential upside of 18.47% from the company’s current price.

Other equities research analysts have also issued reports about the company. Truist Financial boosted their target price on Wells Fargo & Company from $94.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, October 1st. Robert W. Baird upped their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. UBS Group decreased their target price on shares of Wells Fargo & Company from $104.00 to $102.00 and set a “buy” rating for the company in a report on Monday. Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. Finally, Bank of America boosted their price target on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $99.47.

Wells Fargo & Company Price Performance

Shares of WFC opened at $80.19 on Thursday. The firm has a market capitalization of $242.49 billion, a price-to-earnings ratio of 11.66, a price-to-earnings-growth ratio of 0.87 and a beta of 0.96. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. Wells Fargo & Company has a one year low of $72.78 and a one year high of $97.76. The stock’s fifty day moving average is $85.95 and its 200-day moving average is $83.15.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.23. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The firm had revenue of $22.62 billion during the quarter, compared to analyst estimates of $21.86 billion. During the same quarter in the prior year, the firm posted $1.60 EPS. Wells Fargo & Company’s revenue was up 8.6% compared to the same quarter last year. Equities analysts anticipate that Wells Fargo & Company will post 7.28 EPS for the current year.

Hedge Funds Weigh In On Wells Fargo & Company

A number of large investors have recently made changes to their positions in WFC. Security National Bank of Sioux City Iowa IA acquired a new position in shares of Wells Fargo & Company in the second quarter worth $28,000. Phillip James Consulting Co. acquired a new stake in Wells Fargo & Company during the first quarter worth about $28,000. Dunhill Financial LLC acquired a new position in Wells Fargo & Company in the 2nd quarter valued at approximately $30,000. Main Street Group LTD acquired a new stake in shares of Wells Fargo & Company during the 1st quarter worth approximately $29,000. Finally, BOK Financial Private Wealth Inc. acquired a new position in shares of Wells Fargo & Company in the second quarter valued at $34,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company News Roundup

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Morgan Stanley upgraded Wells Fargo to Overweight and named it a Top Pick, assigning a $102 price target versus shares trading near $81. The upgrade reflects potential upside from the bank’s valuation and earnings outlook. Morgan Stanley Made Wells Fargo a Top Pick
• Positive Sentiment: Wells Fargo is reportedly discussing a crypto-trading liquidity arrangement with Payward, the parent of Kraken. Although no agreement has been confirmed, a deal could expand the bank’s digital-asset trading capabilities and build on its existing offering of spot Bitcoin ETFs to eligible wealth-management clients. Wells Fargo Eyes Crypto Trading Deal With Kraken Parent Payward
• Neutral Sentiment: Rising Treasury yields are creating a mixed backdrop for large banks ahead of third-quarter earnings. Higher rates can support interest income, but rapidly increasing yields may pressure bond portfolios, funding costs, loan demand and credit conditions. Banks Under Pressure From Spiking Yields Ahead of Q3 Results
• Neutral Sentiment: UBS issued a pessimistic forecast for WFC, adding a cautious sell-side view, while other recent commentary highlights Wells Fargo’s dividend yield and expected earnings growth. These articles are unlikely to move the stock materially without a change in estimates or ratings. UBS Issues Pessimistic Forecast for Wells Fargo
• Negative Sentiment: The federal housing agency is investigating Wells Fargo’s race-focused lending programs, alleging that efforts to encourage Black homeownership may constitute discriminatory lending. The investigation could lead to fines, remediation costs, management distraction or renewed regulatory scrutiny, which explains the recent decline in WFC shares. Trump Administration Investigates Wells Fargo for Race-Based Lending

About Wells Fargo & Company

Wells Fargo & Company (NYSE: WFC) is a diversified financial services company that provides banking, lending, investment, and wealth management services to individuals, businesses, institutions, and government entities. Its offerings include checking and savings accounts, credit cards, personal and commercial loans, mortgages, payment services, and other deposit and credit products.

The company also provides investment banking, capital markets, brokerage, advisory, asset management, and retirement services through its corporate and investment banking and wealth and investment management businesses.