Wells Fargo & Company (NYSE:WFC) Given New $86.00 Price Target at The Goldman Sachs Group

Wells Fargo & Company (NYSE:WFC) had its price target increased by The Goldman Sachs Group from $76.00 to $86.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 13.96% from the company’s previous close.

Several other analysts have also commented on WFC. Bank of America lifted their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, June 4th. Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, April 14th. Citigroup lowered their price target on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Morgan Stanley upped their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research report on Wednesday, June 4th. Finally, Raymond James dropped their price target on shares of Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating for the company in a research report on Monday, April 14th. Seven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $77.68.

Wells Fargo & Company Price Performance

Shares of WFC traded down $0.99 during mid-day trading on Tuesday, hitting $75.47. 6,949,299 shares of the company were exchanged, compared to its average volume of 17,446,168. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The stock has a market cap of $245.58 billion, a price-to-earnings ratio of 14.03, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The company has a 50 day moving average of $70.50 and a 200-day moving average of $72.96.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.16. The business had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.20 earnings per share. Analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company announced that its board has authorized a stock buyback plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Wells Fargo & Company

Several institutional investors have recently added to or reduced their stakes in WFC. Rialto Wealth Management LLC purchased a new position in Wells Fargo & Company during the fourth quarter worth about $26,000. CBIZ Investment Advisory Services LLC increased its position in Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 322 shares during the period. Investment Counsel Co. of Nevada purchased a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $28,000. BNP Paribas acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at approximately $28,000. Finally, Motco boosted its stake in shares of Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after buying an additional 326 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

About Wells Fargo & Company

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.