Royal Bank of Canada Increases Wells Fargo & Co (WFC) Price Target to $65.00

Wells Fargo & Co (NYSE:WFC) had its target price increased by stock analysts at Royal Bank of Canada to $65.00 in a report released on Tuesday. The firm presently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s target price suggests a potential upside of 1.60% from the company’s current price.

Several other research firms have also recently issued reports on WFC. Sandler O’Neill raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $62.04 to $73.00 in a research report on Tuesday, January 9th. Vetr cut shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $54.49 price objective for the company. in a research report on Thursday, November 2nd. Zacks Investment Research raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Thursday, October 12th. Buckingham Research raised shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $57.00 to $75.00 in a research report on Thursday, December 21st. They noted that the move was a valuation call. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $59.00 price objective on shares of Wells Fargo & Co in a research report on Thursday, January 4th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the stock. Wells Fargo & Co presently has a consensus rating of “Hold” and an average target price of $61.37.

Wells Fargo & Co (NYSE WFC) traded up $0.09 during trading on Tuesday, hitting $63.97. 2,712,966 shares of the stock traded hands, compared to its average volume of 19,700,000. The stock has a market cap of $315,410.00, a PE ratio of 15.49, a P/E/G ratio of 1.65 and a beta of 0.96. Wells Fargo & Co has a 1-year low of $49.27 and a 1-year high of $64.24. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 1.23.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.07). The firm had revenue of $22.05 billion for the quarter, compared to analysts’ expectations of $22.64 billion. Wells Fargo & Co had a return on equity of 12.24% and a net margin of 22.57%. Wells Fargo & Co’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the firm posted $0.96 earnings per share. sell-side analysts expect that Wells Fargo & Co will post 4.66 earnings per share for the current year.

In other Wells Fargo & Co news, VP Richard Levy sold 97,000 shares of Wells Fargo & Co stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $56.47, for a total value of $5,477,590.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Michael J. Loughlin sold 17,482 shares of Wells Fargo & Co stock in a transaction on Monday, December 4th. The shares were sold at an average price of $57.80, for a total transaction of $1,010,459.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 184,482 shares of company stock worth $10,471,050. 0.22% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Westpac Banking Corp increased its stake in shares of Wells Fargo & Co by 3.5% during the fourth quarter. Westpac Banking Corp now owns 519,261 shares of the financial services provider’s stock worth $31,504,000 after acquiring an additional 17,528 shares during the period. Berkshire Asset Management LLC PA increased its stake in shares of Wells Fargo & Co by 6.3% during the fourth quarter. Berkshire Asset Management LLC PA now owns 482,064 shares of the financial services provider’s stock worth $29,247,000 after acquiring an additional 28,624 shares during the period. Schwab Charles Investment Management Inc. increased its stake in shares of Wells Fargo & Co by 3.5% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 15,796,445 shares of the financial services provider’s stock worth $958,371,000 after acquiring an additional 537,342 shares during the period. Benjamin F. Edwards & Company Inc. increased its stake in shares of Wells Fargo & Co by 4.2% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 21,386 shares of the financial services provider’s stock worth $1,297,000 after acquiring an additional 868 shares during the period. Finally, HWG Holdings LP acquired a new position in shares of Wells Fargo & Co during the fourth quarter worth about $701,000. Institutional investors own 75.71% of the company’s stock.

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Wells Fargo & Co Company Profile

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.

Analyst Recommendations for Wells Fargo & Co (NYSE:WFC)

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