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

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

Other equities research analysts have also recently issued reports about the company. Jefferies Financial Group initiated coverage on Wells Fargo & Company in a research report on Thursday, March 26th. They set a “buy” rating and a $100.00 price target on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $94.00 price objective (down from $100.00) on shares of Wells Fargo & Company in a research note on Wednesday, April 15th. Phillip Securities raised shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, May 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Monday, April 20th. Finally, Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $98.71.

Wells Fargo & Company Trading Up 1.6%

NYSE:WFC opened at $86.84 on Monday. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76. The stock’s fifty day moving average price is $80.05 and its two-hundred day moving average price is $84.17. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market cap of $265.76 billion, a P/E ratio of 13.41, a P/E/G ratio of 0.98 and a beta of 0.92.

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

Hedge Funds Weigh In On Wells Fargo & Company

Several institutional investors have recently modified their holdings of WFC. Norges Bank bought a new stake in Wells Fargo & Company in the 4th quarter worth approximately $4,512,563,000. Capital Research Global Investors raised its stake in shares of Wells Fargo & Company by 4.9% during the fourth quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider’s stock worth $3,487,687,000 after acquiring an additional 1,760,484 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Wells Fargo & Company by 0.9% in the 4th quarter. Legal & General Group Plc now owns 21,197,423 shares of the financial services provider’s stock worth $1,975,600,000 after acquiring an additional 188,186 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Wells Fargo & Company by 13.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider’s stock valued at $1,922,257,000 after purchasing an additional 2,369,260 shares in the last quarter. Finally, Amundi boosted its stake in shares of Wells Fargo & Company by 73.0% in the 1st quarter. Amundi now owns 16,463,550 shares of the financial services provider’s stock valued at $1,310,663,000 after purchasing an additional 6,944,316 shares in the last quarter. 75.90% of the stock is currently 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.