Piper Sandler Raises Wells Fargo & Company (NYSE:WFC) Price Target to $75.00

Wells Fargo & Company (NYSE:WFC) had its price objective increased by investment analysts at Piper Sandler from $62.00 to $75.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price objective points to a potential upside of 2.64% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Morgan Stanley decreased their target price on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research note on Monday, September 30th. Citigroup boosted their price objective on Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th. The Goldman Sachs Group reduced their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th. Evercore ISI boosted their target price on Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Finally, Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and boosted their target price for the company from $60.83 to $65.00 in a report on Tuesday, October 15th. Thirteen research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $64.62.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $73.07 on Tuesday. The stock has a 50-day simple moving average of $66.67 and a 200-day simple moving average of $60.61. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a market capitalization of $243.29 billion, a PE ratio of 15.19, a PEG ratio of 1.57 and a beta of 1.16. Wells Fargo & Company has a 1 year low of $44.41 and a 1 year high of $78.13.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.14. The firm had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. The firm’s revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.39 earnings per share. On average, analysts predict that Wells Fargo & Company will post 5.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $61.99, for a total transaction of $2,169,650.00. Following the transaction, the executive vice president now owns 126,687 shares of the company’s stock, valued at $7,853,327.13. This trade represents a 21.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total value of $3,822,000.00. Following the transaction, the executive vice president now directly owns 163,610 shares in the company, valued at approximately $10,421,957. This represents a 26.83 % decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by insiders.

Institutional Trading of Wells Fargo & Company

Several hedge funds have recently made changes to their positions in WFC. Mattson Financial Services LLC bought a new stake in shares of Wells Fargo & Company in the 2nd quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Wells Fargo & Company in the 2nd quarter worth approximately $26,000. Truvestments Capital LLC bought a new stake in shares of Wells Fargo & Company in the 3rd quarter worth approximately $29,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Wells Fargo & Company in the 3rd quarter worth approximately $34,000. Finally, FSA Wealth Management LLC bought a new stake in shares of Wells Fargo & Company in the 3rd quarter worth approximately $34,000. Institutional investors own 75.90% of the company’s stock.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.