Wells Fargo & Company’s (WFC) Buy Rating Reaffirmed at TD Cowen

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

Several other research analysts have also weighed in on the stock. The Goldman Sachs Group reduced their price objective on shares of Wells Fargo & Company from $107.00 to $96.00 and set a “buy” rating on the stock in a research note on Monday. Truist Financial raised their target price on shares of Wells Fargo & Company from $94.00 to $95.00 and gave the stock a “buy” rating in a report on Thursday, October 1st. Morgan Stanley upgraded Wells Fargo & Company from an “equal weight” rating to an “overweight” rating and set a $102.00 price target on the stock in a report on Monday. Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Sunday, June 14th. Finally, Keefe, Bruyette & Woods dropped their target price on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.47.

Wells Fargo & Company Trading Down 1.6%

WFC opened at $80.19 on Thursday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market cap 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 firm has a 50 day simple moving average of $85.95 and a 200 day simple moving average of $83.15. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76.

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

Hedge Funds Weigh In On Wells Fargo & Company

Several hedge funds have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Wells Fargo & Company by 13.0% during the fourth 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 acquiring an additional 2,369,260 shares in the last quarter. Legal & General Group Plc bought a new position in Wells Fargo & Company in the second quarter valued at approximately $1,635,881,000. Bank of New York Mellon Corp acquired a new position in shares of Wells Fargo & Company during the 2nd quarter worth approximately $1,364,923,000. Amundi increased its position in shares of Wells Fargo & Company by 73.0% during the 1st quarter. Amundi now owns 16,463,550 shares of the financial services provider’s stock worth $1,310,663,000 after purchasing an additional 6,944,316 shares during the last quarter. Finally, Boston Partners raised its stake in shares of Wells Fargo & Company by 5.2% during the 4th quarter. Boston Partners now owns 9,606,215 shares of the financial services provider’s stock worth $895,466,000 after purchasing an additional 477,745 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Key Stories Impacting Wells Fargo & Company

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.