Wells Fargo & Company (NYSE:WFC) had its price target lowered by analysts at JPMorgan Chase & Co. from $49.50 to $46.50 in a research note released Tuesday to investors, reports The Fly. JPMorgan Chase & Co.’s price target would suggest a potential upside of 12.18% from the stock’s previous close.
Other stock analysts have also published research reports on the company. Citigroup cut its price target on Wells Fargo & Company from $56.00 to $47.00 and set a “buy” rating on the stock in a Tuesday, July 12 research note. Piper Sandler set a price target of $48.00 on Wells Fargo & Company in a Monday, June 20 research report. Deutsche Bank Aktiengesellschaft cut its price target on Wells Fargo & Company from $62.00 to $60.00 and set a “buy” rating for the company in a Monday, September 12 research report. Raymond James lowered its price target on Wells Fargo & Company from $60.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, June 24. Finally, Credit Suisse Group lowered its price target on Wells Fargo & Company from $57.00 to $55.00 and set an “outperform” rating on the stock in a Monday, July 18 research note. Four analysts gave the stock a hold rating and thirteen gave the stock a buy rating. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.62.
Wells Fargo & Company is trading down 0.8%
Wells Fargo & Company shares opened at $41.45 on Tuesday. The company has a debt ratio of 0.94, a current ratio of 0.81 and a quick ratio of 0.80. The company has a market capitalization of $157.22 billion, a price-earnings ratio of 9.94, a PEG ratio of 1.03 and a beta of 1.13. Wells Fargo & Company has a one-year low of $36.54 and a one-year high of $60.30. The company’s fifty-day moving average price is $43.49 and its two-hundred-day moving average price is $43.61.
Wells Fargo & Company (NYSE:WFC – Get Rating) last released its quarterly results on Friday, July 15. The financial services provider reported earnings per share (EPS) of $0.74 for the quarter, missing the consensus estimate of $0.77 per ($0.03). Wells Fargo & Company had a net margin of 22.52% and a return on equity of 10.67%. The company posted revenue of $17.03 billion in the quarter, versus analyst estimates of $17.54 billion. In the same period a year earlier, the company posted earnings of $1.38 per share. The Company’s revenue for the quarter decreased 16.0% compared to the same quarter last year. On average, analysts expect Wells Fargo & Company to post earnings per share of 3.99 for the current fiscal year.
Institutional entries and exits
A number of institutional investors have recently increased or reduced their stake in the company. Landmark Wealth Management LLC acquired a new stake in Wells Fargo & Company during the first quarter, valued at approximately $40,000. Gibson Wealth Advisors LLC bought a new position in Wells Fargo & Company in the fourth quarter worth about $25,000. Financial Management Professionals Inc. increased its stake in Wells Fargo & Company stock by 193.3% in the first quarter. Financial Management Professionals Inc. now owns 522 shares of the financial services provider worth $25,000 after buying 344 additional shares in the last quarter. FNY Investment Advisers LLC bought a new position in Wells Fargo & Company stock during the first quarter, valued at around $25,000. Finally, Toth Financial Advisory Corp increased its stake in Wells Fargo & Company stock by 2,142.9% in the first quarter. Toth Financial Advisory Corp now owns 628 shares of the financial services provider valued at $30,000 after buying an additional 600 shares in the last quarter. Institutional investors hold 72.23% of the company’s shares.
About Wells Fargo & Company
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Wells Fargo & Company, a diversified financial services company, offers banking, investment, mortgage, consumer and commercial finance products and services in the United States and around the world. It operates through four segments: Consumer Banking and Lending; The Commercial Bank; Corporate and investment banking; and wealth and investment management.
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