Analysts at Morgan Stanley upgraded shares of Wells Fargo & Co. (NYSE: WFC) from Equal Weight to Overweight today. Morgan Stanley currently has a rating of Overweight on the stock. A number of other analysts have spoken on the company in recent days, and Wells Fargo & Co. has earned a consensus one-year price target of $52.21, higher than the opening price of $47.15, a difference of 11.21 percent. Wells Fargo & Co. stock has a 52-week high of $56.34. Usually, after analysts publish an upgrade report on a stock, they will subsequently issue periodic updates, such as a price target change.
U.S. stocks closed higher Tuesday as investors anticipate the results of meetings from the Federal Reserve and the Bank of Japan.
The Dow Jones Industrial Average DJIA, +0.05% rose 9.79 points, or less than 0.1%, to close at 18,129.96.
The S&P 500 index SPX, +0.03% advanced 0.64 points to finish at 2,139.76, led by gains in the health-care and consumer-staples sectors.
The Nasdaq Composite index COMP, +0.12% gained 6.33 points, or 0.1%, to close at 5,241.35.
Yesterday Wells Fargo & Co. (NYSE: WFC) shares last traded at $46.56, which represents an increase of $0.55 compared to the previous closing price. Opening at $47.15, they varied from $46.12 and $47.20 throughout the day.
Wells Fargo & Co. (NYSE: WFC) currently has a market cap of 234.92B.
51,510,381 shares traded hands yesterday, 37 percent higher than normal, out of a total float 4,532,112,000. Significant increases in trading volume and price appreciation together could mean excessive volume aggregation by institutional investors.
As with all possible breakouts, investors watch for volume to be at least 40%-50% above normal on the breakout to show that fund managers and other professional investors are jumping in.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors have substantial teams of analysts that investigate thousands of stocks, so it is good confirmation to see them buying a stock you are researching.
Traders are able to make make educated trades when they track the trading habits of professional investors.
With that in mind, Wells Fargo & Co. (NYSE: WFC) now has a 50-day MA of $48.44 and 200-day MA of $48.63. It has traded in a 52-week range between $44.50 – 56.34 and today’s last price is 0.17% lower than the 52 week high of $56.34.
Earnings growth is an important factor to look at when investing in stocks and investors watch for companies that have increased their earnings by at least 25% for a 3 year period.
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