Wells Fargo & Company (NYSE:WFC) Price Target Lowered to $83.00 at Bank of America

Wells Fargo & Company (NYSE:WFC) had its price objective cut by equities research analysts at Bank of America from $85.00 to $83.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Bank of America‘s price target points to a potential upside of 24.10% from the stock’s previous close.

A number of other analysts have also commented on the stock. Truist Financial boosted their price target on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. The Goldman Sachs Group raised their price target on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Piper Sandler increased their price objective on Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Citigroup lowered their price target on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Finally, UBS Group upped their target price on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Nine research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.55.

Wells Fargo & Company Trading Down 7.4 %

NYSE WFC traded down $5.38 during mid-day trading on Wednesday, reaching $66.88. 12,879,770 shares of the stock were exchanged, compared to its average volume of 17,093,267. The stock has a 50 day simple moving average of $75.50 and a 200-day simple moving average of $70.43. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50. The stock has a market cap of $218.37 billion, a P/E ratio of 12.43, a P/E/G ratio of 1.18 and a beta of 1.16. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. During the same quarter last year, the firm posted $0.86 EPS. The company’s quarterly revenue was down .5% on a year-over-year basis. On average, analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Institutional Investors Weigh In On Wells Fargo & Company

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Empowered Funds LLC raised its position in shares of Wells Fargo & Company by 19.1% during the 4th quarter. Empowered Funds LLC now owns 190,330 shares of the financial services provider’s stock valued at $13,369,000 after buying an additional 30,510 shares in the last quarter. Valmark Advisers Inc. lifted its stake in Wells Fargo & Company by 5.5% during the fourth quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider’s stock worth $583,000 after purchasing an additional 431 shares during the last quarter. NatWest Group plc boosted its holdings in shares of Wells Fargo & Company by 57.7% in the 4th quarter. NatWest Group plc now owns 172,484 shares of the financial services provider’s stock worth $12,115,000 after purchasing an additional 63,102 shares in the last quarter. Weiss Asset Management LP bought a new position in shares of Wells Fargo & Company during the 3rd quarter valued at about $10,451,000. Finally, Financiere des Professionnels Fonds d investissement inc. bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at about $1,656,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

About Wells Fargo & Company

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.