Wells Fargo & Company (NYSE:WFC) Now Covered by Analysts at TD Cowen

Research analysts at TD Cowen started coverage on shares of Wells Fargo & Company (NYSE:WFC) in a report issued on Thursday, MarketBeat reports. The firm set a “buy” rating and a $95.00 price target on the financial services provider’s stock. TD Cowen’s price objective points to a potential upside of 17.97% from the stock’s previous close.

WFC has been the topic of a number of other research reports. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Sunday, June 14th. Robert W. Baird raised their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Morgan Stanley raised shares of Wells Fargo & Company from an “equal weight” rating to an “overweight” rating and set a $102.00 price target on the stock in a research report on Monday. JPMorgan Chase & Co. dropped their price target on shares of Wells Fargo & Company from $95.50 to $91.50 and set a “neutral” rating on the stock in a research report on Friday, October 2nd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus target price of $99.47.

Wells Fargo & Company Price Performance

Shares of WFC stock traded up $0.27 during trading on Thursday, hitting $80.53. The company had a trading volume of 1,602,828 shares, compared to its average volume of 15,886,088. Wells Fargo & Company has a one year low of $72.78 and a one year high of $97.76. The firm has a market capitalization of $243.53 billion, a P/E ratio of 11.73, 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. The stock’s 50-day moving average price is $85.95 and its 200 day moving average price is $83.15.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, beating the consensus estimate of $1.73 by $0.23. The business had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The company’s revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.60 earnings per share. Equities analysts expect that Wells Fargo & Company will post 7.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Wells Fargo & Company

A number of hedge funds and other institutional investors have recently modified their holdings of WFC. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Wells Fargo & Company by 13.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider’s stock worth $1,922,257,000 after buying an additional 2,369,260 shares during the period. Legal & General Group Plc purchased a new stake in Wells Fargo & Company in the 2nd quarter worth $1,635,881,000. Bank of New York Mellon Corp purchased a new stake in shares of Wells Fargo & Company during the second quarter worth $1,364,923,000. Amundi grew its holdings in shares of Wells Fargo & Company by 73.0% in the first quarter. Amundi now owns 16,463,550 shares of the financial services provider’s stock valued at $1,310,663,000 after purchasing an additional 6,944,316 shares during the period. Finally, Deutsche Bank AG acquired a new position in Wells Fargo & Company in the second quarter valued at about $859,431,000. Institutional investors own 75.90% of the company’s stock.

More Wells Fargo & Company News

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

• Positive Sentiment: Potential crypto expansion: Wells Fargo is reportedly discussing an arrangement with Payward, the parent company of Kraken, to provide liquidity for possible crypto-trading services. The talks are unconfirmed and could ultimately fail, but a deal would broaden the bank’s digital-asset capabilities beyond offering spot Bitcoin ETFs to eligible wealth-management clients. Wells Fargo Reportedly Talking With Kraken Parent Payward to Source Crypto Trading Liquidity
• Positive Sentiment: Analyst support and valuation appeal: Morgan Stanley recently upgraded WFC to Overweight, named it a top pick and set a $102 price target, suggesting upside from recent trading levels. Another analysis argues the stock trades at a discount after its strong multiyear advance, although investors remain focused on whether returns on capital justify that performance. Morgan Stanley Made Wells Fargo a Top Pick With a $102 Target
• Neutral Sentiment: Interest-rate and earnings backdrop: Rising Treasury yields can support lending income, but unusually rapid increases may pressure bond portfolios, funding costs and credit conditions ahead of third-quarter bank results. Wells Fargo’s latest reported quarter exceeded consensus estimates, though upcoming earnings expectations are viewed as less favorable for a clear beat. Banks Under Pressure from Spiking Yields Ahead of Q3 Results
• Negative Sentiment: Federal housing investigation: HUD is examining Wells Fargo programs designed to increase Black and minority homeownership after officials alleged that race-based lending initiatives may constitute discrimination. The probe creates potential legal, compliance and reputational costs and was the main catalyst for 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.