Wells Fargo stock forecast
Wells Fargo's weighted price is $79.64 in October 2027, including dividends. It hinges on post-cap growth becoming durable income without reopening control, credit or capital problems.
Where could Wells Fargo's shares be by 2029?
The weighted price is $79.64 in October 2027, including dividends, a 1% return from today. It rises to $87.85 in October 2028, a 14% return. By October 2029, the weighted price reaches $97.80, a 29% return.
The three-year range is wide. The bear case ends at $56.04, while the bull case reaches $142.75, against today’s $80.74. The weighted probabilities are 28% bear, 52% base and 20% bull.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 28 % | 62.23 (-20 %) | 58.87 (-23 %) | 56.04 (-24 %) |
| Base | 52 % | 82.43 (+5 %) | 92.02 (+19 %) | 102.99 (+36 %) |
| Bull | 20 % | 96.77 (+23 %) | 117.60 (+51 %) | 142.75 (+86 %) |
| Weighted | 100 % | 79.64 (+1 %) | 87.85 (+14 %) | 97.80 (+29 %) |
What has to go right for Wells Fargo's forecast, and what could go wrong?
The bull case requires durable deposits, profitable post-cap growth, sound credit, effective controls and ROTCE reaching or exceeding target. Stronger earnings rebuild capital, fund buybacks and support a higher multiple. The shares reach $96.77 in October 2027 and $142.75 by October 2029, including dividends. Its 20% probability reflects the number of linked conditions that must succeed.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Book value | 165,804 (159,304 / 168,504) | 173,704 (161,804 / 179,304) | 182,504 (166,804 / 191,504) |
| Shares (millions) | 2,917 (2,944 / 2,873) | 2,832 (2,886 / 2,744) | 2,747 (2,828 / 2,616) |
| Dividends per share | 2.05 (2.00 / 2.15) | 2.20 (1.60 / 2.40) | 2.35 (1.60 / 2.65) |
| Price to book value | 1.45 (1.15 / 1.65) | 1.50 (1.05 / 1.80) | 1.55 (0.95 / 1.95) |
How much does Wells Fargo really earn and give back?
Dividends and repurchases are claims on capital, not simply on annual income. Equity awards add another complication: a grant-date value, future expense and possible share dilution are different things. The table brings those capital, liquidity and balance-sheet measures together.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 6.26 | 5.37 | 4.83 | 3.27 | 5.08 |
| − Dividends, per share | 1.71 | 1.51 | 1.31 | 1.11 | 0.60 |
| − Share buybacks, per share | 5.40 | 5.61 | 3.19 | 1.57 | 3.53 |
| = Kept, per share | 0.34 | 0.60 | 0.95 | ||
| = Paid out more, per share | 0.86 | 1.75 |
What this means. The company’s declared dividend per actual share can differ from this table’s dividend per share because this table divides total declared dividends by the average number of diluted shares.
What does an investor pay for Wells Fargo today?
The trailing P/E, or price-to-earnings ratio, is 11.4x: investors pay $11.40 for each dollar earned over the last year. The forward P/E is 11.0x, based on expected earnings. Their closeness suggests modest near-term improvement rather than a dramatic earnings jump.