Wells Fargo & Company (NYSE:WFC) Now Covered by HSBC

HSBC started coverage on shares of Wells Fargo & Company (NYSE:WFC) in a report released on Thursday, Marketbeat Ratings reports. The brokerage set a “hold” rating and a $45.00 price target on the financial services provider’s stock. HSBC’s target price would suggest a potential upside of 9.76% from the stock’s current price.

Several other equities analysts have also recently issued reports on the stock. Atlantic Securities boosted their price objective on shares of Wells Fargo & Company from $50.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday, August 1st. Morgan Stanley boosted their price objective on shares of Wells Fargo & Company from $49.00 to $52.00 and gave the company an “overweight” rating in a research note on Tuesday, August 1st. Piper Sandler boosted their price objective on shares of Wells Fargo & Company from $43.00 to $45.00 in a research note on Monday, July 17th. Wolfe Research cut shares of Wells Fargo & Company from an “outperform” rating to a “peer perform” rating in a research note on Friday, July 7th. Finally, Raymond James upped their price target on shares of Wells Fargo & Company from $48.00 to $51.00 and gave the stock a “strong-buy” rating in a research note on Monday, July 3rd. Nine investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company presently has an average rating of “Moderate Buy” and a consensus target price of $48.39.

Wells Fargo & Company Stock Up 1.4 %

WFC stock opened at $41.00 on Thursday. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.84 and a quick ratio of 0.83. The company has a market cap of $150.01 billion, a price-to-earnings ratio of 10.25, a price-to-earnings-growth ratio of 0.83 and a beta of 1.14. The company has a fifty day moving average price of $43.50 and a 200 day moving average price of $41.63. Wells Fargo & Company has a 12 month low of $35.25 and a 12 month high of $48.84.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.09. The company had revenue of $20.53 billion for the quarter, compared to analysts’ expectations of $20.11 billion. Wells Fargo & Company had a net margin of 16.18% and a return on equity of 11.15%. Wells Fargo & Company’s revenue was up 20.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.74 EPS. Sell-side analysts expect that Wells Fargo & Company will post 4.84 earnings per share for the current year.

Institutional Investors Weigh In On Wells Fargo & Company

Several institutional investors and hedge funds have recently made changes to their positions in the business. Silicon Valley Capital Partners purchased a new position in Wells Fargo & Company in the 4th quarter valued at about $26,000. Barrett & Company Inc. purchased a new position in Wells Fargo & Company in the 1st quarter valued at about $25,000. Studio Investment Management LLC purchased a new position in Wells Fargo & Company in the 4th quarter valued at about $28,000. Strategic Investment Solutions Inc. IL purchased a new position in Wells Fargo & Company in the 1st quarter valued at about $28,000. Finally, Financial Connections Group Inc. lifted its holdings in Wells Fargo & Company by 288.0% in the 2nd quarter. Financial Connections Group Inc. now owns 741 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 550 shares in the last quarter. 72.47% of the stock is currently owned by hedge funds and other institutional investors.

About Wells Fargo & Company

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