Phillip Securities Upgrades Wells Fargo & Company (NYSE:WFC) to Accumulate

Wells Fargo & Company (NYSE:WFC) was upgraded by equities research analysts at Phillip Securities from a “neutral” rating to an “accumulate” rating in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a $65.00 price objective on the financial services provider’s stock, up from their prior price objective of $60.83. Phillip Securities’ price target points to a potential upside of 1.79% from the stock’s previous close.

WFC has been the subject of a number of other research reports. Piper Sandler raised their price objective on Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Monday. Royal Bank of Canada reissued a “sector perform” rating and issued a $61.00 price objective on shares of Wells Fargo & Company in a research note on Monday. Wolfe Research raised Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective for the company in a research note on Tuesday, October 8th. BMO Capital Markets raised their price objective on Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research note on Thursday, July 11th. Finally, Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and reduced their price objective for the company from $62.00 to $59.00 in a research note on Friday, August 16th. Thirteen research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Hold” and a consensus target price of $61.82.

Wells Fargo & Company Trading Up 1.3 %

Shares of WFC stock opened at $63.86 on Tuesday. The company has a market cap of $222.64 billion, a P/E ratio of 13.11, a PEG ratio of 1.46 and a beta of 1.16. The stock has a 50 day simple moving average of $56.04 and a two-hundred day simple moving average of $57.90. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a fifty-two week low of $38.58 and a fifty-two week high of $64.08.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The business had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. During the same period in the previous year, the company posted $1.39 earnings per share. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. Research analysts forecast that Wells Fargo & Company will post 5.12 earnings per share for the current 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 business’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $61.99, for a total value of $2,169,650.00. Following the sale, the executive vice president now directly owns 126,687 shares in the company, valued at $7,853,327.13. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Wells Fargo & Company news, EVP Beurden Saul Van sold 35,000 shares of the business’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $61.99, for a total value of $2,169,650.00. Following the sale, the executive vice president now directly owns 126,687 shares in the company, valued at $7,853,327.13. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total value of $3,822,000.00. Following the completion of the sale, the executive vice president now owns 163,610 shares in the company, valued at approximately $10,421,957. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

Institutional Trading of Wells Fargo & Company

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mattson Financial Services LLC bought a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at $25,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at $26,000. Valued Wealth Advisors LLC raised its stake in shares of Wells Fargo & Company by 53.7% during the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 220 shares during the period. J.Safra Asset Management Corp raised its stake in shares of Wells Fargo & Company by 704.3% during the 1st quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 648 shares during the period. Finally, Fairscale Capital LLC bought a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at $47,000. 75.90% of the stock is currently owned by institutional investors.

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.