Citigroup Raises Wells Fargo & Company (NYSE:WFC) Price Target to $82.00

Wells Fargo & Company (NYSE:WFC) had its target price hoisted by equities research analysts at Citigroup from $67.00 to $82.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Citigroup’s price target suggests a potential upside of 11.44% from the stock’s previous close.

Several other equities research analysts have also weighed in on the company. The Goldman Sachs Group dropped their price target on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research report on Tuesday, September 3rd. Phillip Securities upgraded Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and lifted their price target for the company from $60.83 to $65.00 in a research report on Tuesday, October 15th. Compass Point boosted their target price on Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Finally, Piper Sandler upped their price target on shares of Wells Fargo & Company from $60.00 to $62.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Thirteen investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company presently has an average rating of “Hold” and a consensus price target of $63.07.

Wells Fargo & Company Price Performance

WFC opened at $73.58 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85. Wells Fargo & Company has a 52-week low of $42.15 and a 52-week high of $74.70. The stock has a market capitalization of $244.98 billion, a PE ratio of 15.30, a price-to-earnings-growth ratio of 1.55 and a beta of 1.14. The stock’s 50 day moving average price is $62.35 and its 200-day moving average price is $59.59.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.14. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The company had revenue of $20.37 billion for the quarter, compared to analyst estimates of $20.40 billion. During the same period in the previous year, the company posted $1.39 earnings per share. The firm’s revenue was down 2.4% on a year-over-year basis. On average, equities research analysts predict that Wells Fargo & Company will post 5.42 EPS for the current year.

Insider Activity at Wells Fargo & Company

In related news, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $61.99, for a total transaction of $2,169,650.00. Following the completion of the sale, the executive vice president now owns 126,687 shares in the company, valued at approximately $7,853,327.13. This represents a 21.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total value of $3,822,000.00. Following the sale, the executive vice president now owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. This trade represents a 26.83 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

Institutional Trading of Wells Fargo & Company

Several hedge funds have recently bought and sold shares of WFC. MQS Management LLC bought a new stake in Wells Fargo & Company during the first quarter valued at about $359,000. Crewe Advisors LLC bought a new stake in Wells Fargo & Company during the first quarter valued at about $302,000. Shell Asset Management Co. grew its holdings in Wells Fargo & Company by 35.7% during the first quarter. Shell Asset Management Co. now owns 35,422 shares of the financial services provider’s stock valued at $2,053,000 after purchasing an additional 9,326 shares during the period. CreativeOne Wealth LLC grew its holdings in Wells Fargo & Company by 96.7% during the first quarter. CreativeOne Wealth LLC now owns 9,278 shares of the financial services provider’s stock valued at $538,000 after purchasing an additional 4,560 shares during the period. Finally, Axxcess Wealth Management LLC grew its holdings in Wells Fargo & Company by 10.9% during the first quarter. Axxcess Wealth Management LLC now owns 72,567 shares of the financial services provider’s stock valued at $4,206,000 after purchasing an additional 7,114 shares during the period. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.