- The stock price of Wells Fargo & Co (NYSE: WFC) has received a price target increase from $36 to $38 by Keefe Bruyette. These are the details.
The stock price of Wells Fargo & Co (NYSE: WFC) has received a price target increase from $36 to $38 by Keefe Bruyette. And Keefe Bruyette analyst Brian Kleinhanzl is maintaining an “Outperform” rating on the shares.
Wells Fargo’s revenue was $17.93 billion, down nearly 10% from $19.86 billion a year ago. And Wells Fargo said its earnings for the fourth quarter was $2.99 billion, which is up from $2.87 billion a year earlier.
And Wells Fargo also released $757 million from its reserves in Q4 since it no longer had to hold cash on a book of student loans sold. The net charge-offs were $584 million, which is significantly lower from the same period a year ago.
“Although our customers seem to be in better shape than we would have forecasted, the accommodations that we’ve provided since the start of the pandemic are also helping to delay the recognition of the charge-offs,” said Wells Fargo CFO Michael Santomassimo in a call with analysts via Dow Jones.
Wells Fargo’s board approved the repurchase of an additional 500 million shares. And the company expects to have the capacity to do buybacks totaling around $600 million.
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