JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Wells Fargo & Company (NYSE:WFC) Stock

Wells Fargo & Company (NYSE:WFC) had its price objective upped by equities researchers at JPMorgan Chase & Co. from $99.00 to $99.50 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 5.08% from the company’s current price.

A number of other equities research analysts also recently issued reports on WFC. Keefe, Bruyette & Woods increased their price target on Wells Fargo & Company from $92.00 to $101.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 17th. TD Cowen dropped their price objective on shares of Wells Fargo & Company from $102.00 to $100.00 and set a “hold” rating for the company in a research note on Thursday, January 15th. Truist Financial cut their price objective on Wells Fargo & Company from $104.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, January 15th. Robert W. Baird cut Wells Fargo & Company from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 6th. Finally, Evercore dropped their price target on shares of Wells Fargo & Company from $110.00 to $105.00 and set an “outperform” rating for the company in a research note on Thursday, January 15th. Thirteen equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $97.29.

Wells Fargo & Company Price Performance

Shares of WFC traded up $0.72 during mid-day trading on Monday, hitting $94.69. 15,729,033 shares of the company traded hands, compared to its average volume of 16,733,627. The business has a 50-day moving average of $91.64 and a 200 day moving average of $85.69. The company has a current ratio of 0.90, a quick ratio of 0.84 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $297.25 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 1.03 and a beta of 1.09. Wells Fargo & Company has a one year low of $58.42 and a one year high of $97.76.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Wednesday, January 14th. The financial services provider reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.66 by $0.10. The business had revenue of $11.97 billion during the quarter, compared to analyst estimates of $21.63 billion. Wells Fargo & Company had a return on equity of 12.90% and a net margin of 17.27%.Wells Fargo & Company’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.43 EPS. As a group, equities analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wells Fargo & Company

A number of hedge funds have recently bought and sold shares of WFC. Navalign LLC bought a new stake in Wells Fargo & Company in the 4th quarter worth about $26,000. Joseph Group Capital Management purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $28,000. Access Investment Management LLC bought a new position in shares of Wells Fargo & Company in the second quarter valued at approximately $25,000. Redmont Wealth Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the third quarter valued at approximately $27,000. Finally, Marquette Asset Management LLC lifted its holdings in Wells Fargo & Company by 472.4% during the third quarter. Marquette Asset Management LLC now owns 332 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 274 shares during the period. 75.90% of the stock is owned by hedge funds and other 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.