Compass Point Increases Wells Fargo & Company (NYSE:WFC) Price Target to $83.00

Wells Fargo & Company (NYSE:WFC) had its price target increased by Compass Point from $60.00 to $83.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Compass Point’s target price would indicate a potential upside of 15.10% from the stock’s current price.

Several other equities research analysts have also issued reports on the stock. Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a report on Tuesday, September 3rd. Evercore ISI boosted their price target on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Jefferies Financial Group lowered shares of Wells Fargo & Company to a “hold” rating and lowered their price target for the company from $62.00 to $59.00 in a report on Friday, August 16th. Piper Sandler boosted their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Finally, Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target on the stock in a report on Tuesday, October 8th. Thirteen investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company has an average rating of “Hold” and an average target price of $67.49.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC traded down $0.51 during trading on Tuesday, reaching $72.11. The stock had a trading volume of 1,485,101 shares, compared to its average volume of 17,990,164. Wells Fargo & Company has a 52 week low of $45.57 and a 52 week high of $78.13. The firm has a market capitalization of $240.09 billion, a price-to-earnings ratio of 14.99, a P/E/G ratio of 1.55 and a beta of 1.16. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.09. The stock has a fifty day simple moving average of $67.71 and a two-hundred day simple moving average of $60.88.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The business had revenue of $20.37 billion for the quarter, compared to analyst estimates of $20.40 billion. During the same quarter in the previous year, the firm posted $1.39 earnings per share. Wells Fargo & Company’s revenue was down 2.4% compared to the same quarter last year. As a group, analysts anticipate that Wells Fargo & Company will post 5.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Wells Fargo & Company

A number of large investors have recently bought and sold shares of the business. Oddo BHF Asset Management Sas acquired a new stake in shares of Wells Fargo & Company in the 3rd quarter valued at approximately $4,452,000. Old North State Trust LLC increased its position in Wells Fargo & Company by 21.2% during the 3rd quarter. Old North State Trust LLC now owns 9,614 shares of the financial services provider’s stock worth $543,000 after buying an additional 1,680 shares during the period. Synovus Financial Corp increased its position in shares of Wells Fargo & Company by 32.2% in the third quarter. Synovus Financial Corp now owns 99,049 shares of the financial services provider’s stock worth $5,595,000 after purchasing an additional 24,126 shares during the period. Tidal Investments LLC increased its position in shares of Wells Fargo & Company by 4.5% in the third quarter. Tidal Investments LLC now owns 138,813 shares of the financial services provider’s stock worth $7,842,000 after purchasing an additional 5,946 shares during the period. Finally, World Investment Advisors LLC increased its position in shares of Wells Fargo & Company by 1,263.8% in the third quarter. World Investment Advisors LLC now owns 75,432 shares of the financial services provider’s stock worth $4,261,000 after purchasing an additional 69,901 shares during the period. 75.90% of the stock is owned by institutional investors.

About Wells Fargo & Company

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.