Wells Fargo & Company Receives Price Target Increase from Goldman Sachs

Wells Fargo & Company (NYSE:WFC) has seen an adjustment in its price target by analysts at The Goldman Sachs Group. The new target of $82.00 represents an increase from the previously set price of $72.00. This update was disclosed in a research note published on Friday and accompanies a "buy" rating for the financial institution's stock. According to Goldman Sachs, the updated price point suggests a potential upside of approximately 10.47% from the stock's last closing price.

On the subject of Wells Fargo's stock ratings, several other analysts have recently issued reports. For instance, Phillip Securities adjusted their outlook, elevating shares from a "neutral" rating to an "accumulate" rating, while also increasing the price target from $60.83 to $65.00 on October 15th. Similarly, Deutsche Bank transitioned their rating from "hold" to "buy", setting a target price of $65.00 on September 3rd. On the other hand, Morgan Stanley reduced their target for Wells Fargo from $68.00 to $67.00, retaining an "overweight" rating on September 30th. Wolfe Research has also revised their rating from "peer perform" to "outperform", with a target price of $65.00 noted on October 8th. Lastly, the Royal Bank of Canada reaffirmed a "sector perform" rating with a target price of $61.00 in a report dated October 14th. A total of thirteen analysts have assigned a hold rating to the stock, while eight issued buy ratings, and one rated it a strong buy. As reported by MarketBeat.com, there is a general consensus rating of "Hold" for the stock, with an average price target of $65.47.

Recent Trading Actions

In midday trading on Friday, shares of WFC experienced a slight increase, trading up by $0.57 to reach a price of $74.23. A total of 3,330,784 shares changed hands, contrasting with an average trading volume of 18,021,836 shares. The company's market capitalization now stands at $247.15 billion, exhibiting a PE ratio of 15.43 and a PEG ratio of 1.55. Additionally, the stock experiences a beta of 1.16. The 50-day moving average for the stock is $67.02, while the 200-day moving average currently sits at $60.70. Over the past year, Wells Fargo & Company has recorded a low of $44.65 and a high of $78.13.

Wells Fargo & Company recently reported its quarterly earnings results on October 11th, revealing an earnings per share (EPS) of $1.42 for the quarter, surpassing the consensus estimate of $1.28 by $0.14. The company generated revenue of $20.37 billion, marginally below the set estimates of $20.40 billion. Although Wells Fargo managed a net margin of 14.43% and a return on equity of 12.25%, its quarterly revenue showed a decrease of 2.4% year-over-year, dropping from a previous EPS of $1.39 in the same quarter last year. Market analysts predict that Wells Fargo & Company will post an EPS of 5.42 for the current fiscal year.

Insider Transactions

In related news, on October 14th, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company at an average price of $61.99, amounting to a total sale of $2,169,650. Following this transaction, the executive vice president now holds 126,687 shares valued at approximately $7,853,327. Additionally, on October 16th, EVP Ather Williams III sold 60,000 shares at an average price of $63.70 for an aggregate value of $3,822,000. Post-sale, Williams owns 163,610 shares valued at $10,421,957, reflecting a decrease of 26.83% in their stake. These insider transactions have been detailed in filings submitted to the Securities & Exchange Commission.

Institutional Investment Trends

Recently, several hedge funds and institutional investors have adjusted their positions in Wells Fargo & Company stock. Income Research & Management acquired a new position in the company during the third quarter, investing $211,000, while Mattson Financial Services LLC bought shares worth approximately $25,000 in the second quarter. Strategic Investment Solutions Inc. IL made a similar move during the second quarter with a stake valued at about $26,000. Truvestments Capital LLC also entered into a new stake in Wells Fargo amounting to approximately $29,000 during the third quarter. In total, institutional investors now control approximately 75.90% of the company’s stock.

Wells Fargo & Company Overview

Wells Fargo & Company operates as a diverse financial services provider, offering a range of banking, investment, mortgage, and finance services globally. The organization functions through four main segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.

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