Wells Fargo & Company (NYSE:WFC) Upgraded to “Moderate Buy” at Dbs Bank

Wells Fargo & Company (NYSE:WFC) was upgraded by investment analysts at Dbs Bank to a “moderate buy” rating in a research note issued on Tuesday,Zacks.com reports.

Several other research firms have also weighed in on WFC. Citigroup lifted their target price on Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. Barclays raised their price target on Wells Fargo & Company from $87.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. Evercore ISI increased their target price on Wells Fargo & Company from $94.00 to $98.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. TD Cowen increased their target price on Wells Fargo & Company from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Wednesday, October 15th. Finally, Truist Financial upped their price target on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Eleven research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.57.

Wells Fargo & Company Stock Down 1.0%

Shares of Wells Fargo & Company stock opened at $83.91 on Tuesday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12 month low of $58.42 and a 12 month high of $87.47. The business has a fifty day simple moving average of $81.61 and a 200 day simple moving average of $77.29. The stock has a market cap of $268.79 billion, a PE ratio of 13.80, a price-to-earnings-growth ratio of 1.16 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.11. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The firm had revenue of $21.44 billion for the quarter, compared to analysts’ expectations of $21.11 billion. During the same quarter last year, the business earned $1.42 earnings per share. The company’s revenue was up 5.3% compared to the same quarter last year. Research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Hedge Funds Weigh In On Wells Fargo & Company

Several hedge funds have recently modified their holdings of the stock. Access Investment Management LLC acquired a new position in Wells Fargo & Company during the second quarter worth $25,000. McElhenny Sheffield Capital Management LLC bought a new position in shares of Wells Fargo & Company in the 2nd quarter valued at about $27,000. CBIZ Investment Advisory Services LLC grew its position in shares of Wells Fargo & Company by 585.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 322 shares during the period. Kilter Group LLC bought a new position in shares of Wells Fargo & Company in the 2nd quarter valued at about $31,000. Finally, Accent Capital Management LLC acquired a new stake in Wells Fargo & Company in the 1st quarter valued at about $29,000. Institutional investors 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.