Wells Fargo & Company (NYSE:WFC) Price Target Lowered to $84.00 at Truist Financial

Wells Fargo & Company (NYSE:WFC) had its price objective decreased by equities researchers at Truist Financial from $86.00 to $84.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective suggests a potential upside of 38.80% from the stock’s previous close.

Several other equities research analysts have also commented on the company. Keefe, Bruyette & Woods boosted their price objective on 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. Bank of America reduced their price objective on Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating for the company in a research note on Wednesday. Royal Bank of Canada raised shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price on the stock in a research note on Thursday, March 13th. UBS Group increased their target price on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Finally, Compass Point boosted their price target on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Nine equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Wells Fargo & Company has a consensus rating of “Moderate Buy” and an average target price of $75.50.

Wells Fargo & Company Price Performance

Shares of WFC stock traded down $5.15 during trading hours on Friday, hitting $60.52. 14,551,452 shares of the company’s stock were exchanged, compared to its average volume of 15,944,589. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The firm has a market cap of $197.61 billion, a P/E ratio of 11.25, a P/E/G ratio of 1.18 and a beta of 1.16. 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 firm has a 50 day moving average of $75.26 and a two-hundred day moving average of $70.40.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.09. The business had revenue of $20.38 billion for the quarter, compared to the consensus estimate 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 period last year, the firm posted $0.86 earnings per share. Sell-side analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Hedge Funds Weigh In On Wells Fargo & Company

Several large investors have recently made changes to their positions in WFC. Janus Henderson Group PLC grew its holdings in shares of Wells Fargo & Company by 0.3% in the third quarter. Janus Henderson Group PLC now owns 441,872 shares of the financial services provider’s stock valued at $24,950,000 after purchasing an additional 1,300 shares in the last quarter. IHT Wealth Management LLC boosted its position in Wells Fargo & Company by 16.3% in the 3rd quarter. IHT Wealth Management LLC now owns 22,483 shares of the financial services provider’s stock valued at $1,263,000 after buying an additional 3,155 shares during the period. Two Sigma Advisers LP grew its stake in shares of Wells Fargo & Company by 730.4% in the third quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock worth $336,375,000 after acquiring an additional 5,237,500 shares in the last quarter. Weiss Asset Management LP purchased a new stake in shares of Wells Fargo & Company during the third quarter worth $10,451,000. Finally, Voya Financial Advisors Inc. boosted its holdings in Wells Fargo & Company by 3.3% in the third quarter. Voya Financial Advisors Inc. now owns 38,070 shares of the financial services provider’s stock valued at $2,128,000 after purchasing an additional 1,232 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Company Profile

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.