JPMorgan Chase & Co. Increases Wells Fargo & Company (NYSE:WFC) Price Target to $99.50

Wells Fargo & Company (NYSE:WFC) had its price target hoisted by equities research analysts 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 indicates a potential upside of 5.08% from the stock’s previous close.

A number of other research analysts have also recently weighed in on the stock. Bank of America raised their price objective on shares of Wells Fargo & Company from $92.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. HSBC reissued a “hold” rating and issued a $74.00 price target on shares of Wells Fargo & Company in a report on Wednesday, January 7th. Freedom Capital lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 15th. Truist Financial lowered their price target on shares of Wells Fargo & Company from $104.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, January 15th. Finally, Wolfe Research reissued an “outperform” rating and set a $109.00 price objective on shares of Wells Fargo & Company in a research note on Wednesday, January 7th. Thirteen analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $97.29.

Wells Fargo & Company Price Performance

Shares of NYSE WFC traded up $0.72 during trading on Monday, hitting $94.69. 15,729,033 shares of the company were exchanged, compared to its average volume of 16,733,627. Wells Fargo & Company has a 1 year low of $58.42 and a 1 year high of $97.76. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.90 and a quick ratio of 0.84. The company has a market cap of $297.25 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 1.03 and a beta of 1.09. The firm’s fifty day moving average price is $91.64 and its 200 day moving average price is $85.69.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $1.76 EPS for the quarter, topping the consensus estimate of $1.66 by $0.10. The business had revenue of $11.97 billion for 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%.The company’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.43 EPS. On average, sell-side analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Navalign LLC acquired a new position in shares of Wells Fargo & Company during the fourth quarter valued at $26,000. Joseph Group Capital Management bought a new stake in Wells Fargo & Company during the fourth quarter worth approximately $28,000. Access Investment Management LLC bought a new stake in shares of Wells Fargo & Company during the 2nd quarter worth $25,000. Redmont Wealth Advisors LLC purchased a new position in Wells Fargo & Company in the 3rd quarter worth about $27,000. Finally, Marquette Asset Management LLC grew its position in Wells Fargo & Company by 472.4% during the 3rd quarter. Marquette Asset Management LLC now owns 332 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 274 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

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.