Wells Fargo stock price has wiped off all of its yearly gains which it posted at the start of 2023. Consequently, the stock of the systematically important US bank is now trading a few cents below its yearly high. Furthermore, the outlook is also not looking very bullish amid recession fears.
The US banking industry ran into some serious troubles in the first quarter of 2023 as multiple regional banks succumbed to the rising bond yields. However, after a significant recovery in the second quarter, the bank stocks are once again in a slump. As a result, Well Fargo shares are down 12.88% below their yearly highs.
What is Wells Fargo known for?
Wells Fargo & Company is a financial services firm headquartered in the US but with a global footprint. It boasts 70 million customers in 35 different countries. It is a publicly listed company and its stock trades on the New York Stock Exchange (NYSE) under the ticker NYSE: WFC.
The current stock price puts it at a market capitalization of 148.52 billion which makes it one of the most valuable companies in the world.
Wells Fargo Stock News Today
Wells Fargo & Company has recently launched a tribal inclusion share class for Allspring government money market fund in partnership with Allspring Global Investments. The move comes just weeks after the US Federal Reserve left the interest rates unchanged for the second time this year.
The back to back pauses in rate hikes in the last 3 months have bolstered the financial markets while also lowering the recession concerns. However, Wells Fargo stock price has failed to show any strength and continues to trade below its 200-daily moving average.
Wells Fargo Stock Price History
Wells Fargo Earnings Report
WFC released its third quarterly earnings report on 13 October 2023. The earnings and revenue surpassed market expectations due to the high interest rates in the US. The firm reported earnings per share of $1.48. This was a staggering increase of 86 cents a share from the same quarter of last year.
The financial services company’s total revenue in Q3 came at $20.9 billion against the market expectations of $20.1 billion.
Wells Fargo Stock Price Prediction 2023
For a better long term analysis, I have opted to analyze the NYSE: WFC chart on a weekly timeframe. As you can see, Wells Fargo stock price is currently fondling with its 200-weekly moving average which acts as a line in the sand for many long-term investors.
Even though the price is trading above the key moving average right now, it is still lacking the momentum to aim for any significant upside. Nevertheless, if the outlook on the US markets remains positive, I expect a retest of the $44.6 resistance in the coming weeks. This would mean a 10% increase from the current price..
Wells Fargo Stock Price Forecast 2025
The most critical level on the chart shown above is the $44.6 level, which has been acting as a major pivot since 2013. During this time, this level has acted as a support as well as a resistance on many occasions. Currently, the stock price is facing a huge resistance from this level.
Therefore, Wells Fargo stock price forecast 2025 depends on the bulls’ ability to push the price above this major resistance level.
Wells Fargo Stock Price Prediction 2030
By 2030, the world might be a totally different place. The dynamic macroeconomic and geopolitical environment makes it extremely hard to bet on any stock price for the long term. The ongoing conflicts in Eastern Europe and the Middle East have the potential to turn into major global wars.
Nevertheless, considering the decades-old history of the Wells Fargo Company, any dip below $25 could be a great long-term buying opportunity.
What is Wells Fargo Stock Price and Market Capitalization?
Wells Fargo shares are currently trading on the New York Stock Exchange at $40.6. This is 17% below its yearly high and puts it at a market capitalization of $148 billion. This makes it one of the most valuable companies in the world and a part of the S&P 500 index.
How To Invest In Wells Fargo Stock?
There are multiple ways to gain exposure to the success of Wells Fargo and the Company’s stock. The most common way is to buy its stock from a reliable online broker like Fidelity, Robinhood, TD Ameritrade and IG Prime. Other investment products include stock options, contracts for difference and relevant stock indices.
Conclusion
If you intend to invest in Wells Fargo from a very long term perspective, then it is better not to buy the whole position at once. Therefore, considering the current economic conditions and the geopolitical landscape, it is better to dollar cost average into WFC below $44.6 resistance level.
The moment this level flips into a support, the stock of the American multinational financial giant is going to catch fire.