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

Wells Fargo & Company (NYSE:WFC) had its price objective lowered by research analysts at Bank of America from $85.00 to $83.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Bank of America‘s target price indicates a potential upside of 16.45% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Citigroup cut their target price on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Keefe, Bruyette & Woods boosted their price objective on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research note on Thursday, January 16th. Barclays raised their target price on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Compass Point increased their price objective on Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Finally, UBS Group boosted their target price on 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 analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.39.

Wells Fargo & Company Trading Down 0.7 %

WFC opened at $71.27 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The stock’s fifty day moving average is $75.60 and its two-hundred day moving average is $70.42. The company has a market capitalization of $232.72 billion, a P/E ratio of 13.25, a PEG ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC lifted its holdings in shares of Wells Fargo & Company by 19.1% in 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 during the period. Valmark Advisers Inc. lifted its holdings in Wells Fargo & Company by 5.5% in the fourth quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider’s stock valued at $583,000 after acquiring an additional 431 shares during the period. NatWest Group plc boosted its position in 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 acquired a new stake in shares of Wells Fargo & Company during the 3rd quarter worth approximately $10,451,000. Finally, Financiere des Professionnels Fonds d investissement inc. purchased a new position in shares of Wells Fargo & Company during the 4th quarter valued at approximately $1,656,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

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.