Wells Fargo & Co WFC shares are trading higher by roughly 0.8% to $59.63 during Tuesday’s session. Wells Fargo shares have been mostly flat for July after the company earlier this month reported second-quarter financial results.
Analysts overall provided mixed reactions to the earnings report.
Goldman Sachs’ Richard Ramsden maintained a Buy rating but lowered the price target from $71 to $64. Despite earnings of $1.33 per share beating the consensus of $1.25, core earnings were in line at $1.42 per share.
Concerns were raised about a $350 million headwind to net interest income (NII) in 2024 due to repricing of wealth management sweep deposits.
Analyst Gerard Cassidy reiterated a Sector Perform rating with a $61 price target. He noted higher fee revenues but also higher expenses and lower NII, which declined from previous quarters. Cassidy lowered the 2024 and 2025 earnings estimates slightly. Read More
How To Buy WFC Stock
Besides going to a brokerage platform to purchase a share — or fractional share — of stock, you can also gain access to shares either by buying an exchange-traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Wells Fargo’s case, it is in the Financials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
According to data from Benzinga Pro, WFC has a 52-week high of $62.55 and a 52-week low of $38.38. The stock is currently trading at $59.65 a share, up 0.81% at last check Tuesday.
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