Wells Fargo & Company (NYSE:WFC) Sets New 12-Month High – What’s Next?

Wells Fargo & Company (NYSE:WFC)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $78.21 and last traded at $78.01, with a volume of 1392686 shares. The stock had previously closed at $77.08.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Piper Sandler lifted their target price on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Truist Financial boosted their price objective on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Evercore ISI lifted their target price on Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective on the stock in a research note on Tuesday, October 8th. Finally, Morgan Stanley boosted their price objective on Wells Fargo & Company from $84.00 to $88.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Eleven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $73.39.

Wells Fargo & Company Stock Performance

The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The business has a 50-day moving average of $72.83 and a 200-day moving average of $63.60. The company has a market capitalization of $259.43 billion, a P/E ratio of 14.48, a P/E/G ratio of 1.16 and a beta of 1.18.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. During the same period in the previous year, the company earned $0.86 EPS. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.84 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of WFC. Income Research & Management purchased a new position in Wells Fargo & Company during the 3rd quarter worth $211,000. Mattson Financial Services LLC bought a new position in shares of Wells Fargo & Company in the 2nd quarter worth $25,000. Modus Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the 4th quarter worth $30,000. Strategic Investment Solutions Inc. IL bought a new stake in Wells Fargo & Company during the second quarter valued at about $26,000. Finally, Decker Retirement Planning Inc. purchased a new position in Wells Fargo & Company in the fourth quarter valued at about $32,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Company Profile

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.