The Goldman Sachs Group Lowers Wells Fargo & Company (NYSE:WFC) Price Target to $65.00

Wells Fargo & Company (NYSE:WFC) had its price target lowered by analysts at The Goldman Sachs Group from $68.00 to $65.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 26.02% from the stock’s current price.

Several other analysts have also commented on WFC. Jefferies Financial Group lowered shares of Wells Fargo & Company to a “hold” rating and dropped their price target for the company from $62.00 to $59.00 in a research report on Friday, August 16th. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research report on Tuesday, September 3rd. Morgan Stanley upped their price target on Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. BMO Capital Markets raised their price objective on Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a report on Thursday, July 11th. Finally, Evercore ISI reduced their target price on Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating for the company in a research note on Friday, September 6th. Twelve analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Wells Fargo & Company presently has a consensus rating of “Hold” and an average price target of $60.29.

Wells Fargo & Company Price Performance

Shares of WFC opened at $51.58 on Wednesday. Wells Fargo & Company has a fifty-two week low of $38.38 and a fifty-two week high of $62.55. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. The company has a market capitalization of $179.82 billion, a P/E ratio of 10.59, a P/E/G ratio of 1.27 and a beta of 1.16. The business’s 50-day moving average is $56.74 and its two-hundred day moving average is $57.90.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.29 by $0.04. The business had revenue of $20.69 billion for the quarter, compared to analyst estimates of $20.29 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.25 EPS. Research analysts predict that Wells Fargo & Company will post 5.15 earnings per share for the current year.

Hedge Funds Weigh In On Wells Fargo & Company

Institutional investors have recently bought and sold shares of the company. John W. Brooker & Co. CPAs grew its holdings in shares of Wells Fargo & Company by 2.5% during the 2nd quarter. John W. Brooker & Co. CPAs now owns 7,075 shares of the financial services provider’s stock worth $420,000 after purchasing an additional 171 shares during the period. McAdam LLC lifted its position in Wells Fargo & Company by 3.3% in the second quarter. McAdam LLC now owns 5,609 shares of the financial services provider’s stock valued at $333,000 after buying an additional 178 shares during the last quarter. Prentice Wealth Management LLC boosted its stake in Wells Fargo & Company by 2.0% during the second quarter. Prentice Wealth Management LLC now owns 9,426 shares of the financial services provider’s stock worth $560,000 after buying an additional 184 shares during the period. Clearstead Trust LLC increased its position in shares of Wells Fargo & Company by 13.0% during the first quarter. Clearstead Trust LLC now owns 1,617 shares of the financial services provider’s stock valued at $94,000 after acquiring an additional 186 shares during the last quarter. Finally, Fortitude Family Office LLC raised its stake in shares of Wells Fargo & Company by 3.4% in the 2nd quarter. Fortitude Family Office LLC now owns 5,897 shares of the financial services provider’s stock valued at $350,000 after acquiring an additional 193 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.