JPMorgan Chase & Co. Issues Positive Forecast for Wells Fargo & Company (NYSE:WFC) Stock Price

Wells Fargo & Company (NYSE:WFC) had its price target increased by stock analysts at JPMorgan Chase & Co. from $86.50 to $93.50 in a research note issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 7.66% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. KGI Securities cut Wells Fargo & Company to a “hold” rating in a research note on Thursday, April 16th. Morgan Stanley increased their target price on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. HSBC raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $94.00 price target on the stock in a research report on Wednesday, April 1st. Jefferies Financial Group assumed coverage on shares of Wells Fargo & Company in a research report on Thursday, March 26th. They issued a “buy” rating and a $100.00 price objective for the company. Finally, Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, Wells Fargo & Company has an average rating of “Moderate Buy” and an average target price of $98.71.

Wells Fargo & Company Price Performance

WFC stock opened at $86.84 on Monday. The company has a market capitalization of $265.76 billion, a P/E ratio of 13.41, a price-to-earnings-growth ratio of 0.98 and a beta of 0.92. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.90 and a current ratio of 0.90. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76. The business has a 50-day simple moving average of $80.05 and a two-hundred day simple moving average of $84.17.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, topping the consensus estimate of $1.58 by $0.02. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The firm had revenue of $11.62 billion during the quarter, compared to the consensus estimate of $21.85 billion. During the same period in the prior year, the business posted $1.39 earnings per share. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. Research analysts expect that Wells Fargo & Company will post 6.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Wells Fargo & Company

Several institutional investors and hedge funds have recently bought and sold shares of WFC. Trust Co of the South grew its stake in shares of Wells Fargo & Company by 43.1% during the 2nd quarter. Trust Co of the South now owns 3,621 shares of the financial services provider’s stock worth $299,000 after acquiring an additional 1,091 shares during the period. Roxbury Financial LLC raised its stake in Wells Fargo & Company by 0.5% in the 2nd quarter. Roxbury Financial LLC now owns 28,926 shares of the financial services provider’s stock valued at $2,390,000 after acquiring an additional 132 shares during the period. Ballast Advisors LLC purchased a new stake in Wells Fargo & Company during the first quarter valued at about $108,000. FAS Wealth Partners Inc. lifted its holdings in Wells Fargo & Company by 2.4% during the first quarter. FAS Wealth Partners Inc. now owns 9,303 shares of the financial services provider’s stock valued at $741,000 after purchasing an additional 220 shares during the last quarter. Finally, Carlson Capital L.P. bought a new position in Wells Fargo & Company during the first quarter worth about $3,624,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.