Wells Fargo & Company (NYSE:WFC) Stock Rating Upgraded by Piper Sandler

Wells Fargo & Company (NYSE:WFC) was upgraded by Piper Sandler from a "neutral" rating to an "overweight" rating in a report issued on Tuesday, MarketBeat.com reports. The firm currently has a $77.00 target price on the financial services provider's stock. Piper Sandler's price target would indicate a potential upside of 23.48% from the company's previous close.

Other equities analysts also recently issued research reports about the company. Bank of America dropped their price target on Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Truist Financial dropped their price objective on Wells Fargo & Company from $86.00 to $84.00 and set a "buy" rating for the company in a research report on Friday, April 4th. UBS Group boosted 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. Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the stock an "overweight" rating in a report on Monday, April 7th. Finally, Citigroup reduced their price objective on shares of Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. Eight equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company has an average rating of "Moderate Buy" and a consensus price target of $75.66.

Wells Fargo & Company Price Performance

NYSE WFC traded down $0.75 during trading hours on Tuesday, reaching $62.36. The company's stock had a trading volume of 33,841,324 shares, compared to its average volume of 17,637,613. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The company's 50-day moving average is $72.83 and its two-hundred day moving average is $70.87. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The stock has a market cap of $203.62 billion, a PE ratio of 11.59, a PEG ratio of 1.18 and a beta of 1.02.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. During the same quarter in the prior year, the firm earned $1.20 earnings per share. The company's revenue for the quarter was down 3.4% compared to the same quarter last year. Analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Institutional Trading of Wells Fargo & Company

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Wells Fargo & Company during the 4th quarter valued at $3,365,658,000. Northern Trust Corp raised its holdings in shares of Wells Fargo & Company by 10.7% during the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock valued at $2,411,992,000 after buying an additional 3,307,855 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Wells Fargo & Company by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 20,369,222 shares of the financial services provider's stock worth $1,430,742,000 after purchasing an additional 238,131 shares in the last quarter. Capital Research Global Investors grew its stake in shares of Wells Fargo & Company by 932.0% during the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock valued at $1,105,218,000 after acquiring an additional 14,210,193 shares in the last quarter. Finally, Capital World Investors raised its position in shares of Wells Fargo & Company by 0.4% in the 4th quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider's stock valued at $977,338,000 after purchasing an additional 62,099 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

About Wells Fargo & Company

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.