Wells Fargo & Company (NYSE:WFC) Given New $78.00 Price Target at Citigroup

Wells Fargo & Company (NYSE:WFC) had its price target cut by Citigroup from $82.00 to $78.00 in a report issued on Monday,Benzinga reports. The firm currently has a "neutral" rating on the financial services provider's stock. Citigroup's target price would suggest a potential upside of 10.82% from the stock's current price.

Several other analysts have also weighed in on the company. Truist Financial increased their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the company a "buy" rating in a report on Thursday, January 16th. Royal Bank of Canada upgraded shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 target price for the company in a report on Thursday, March 13th. Keefe, Bruyette & Woods raised their price target 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. Compass Point boosted their price objective on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the company a "neutral" rating in a research report on Tuesday, December 10th. Finally, The Goldman Sachs Group raised their target price on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Ten investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $74.18.

Wells Fargo & Company Price Performance

WFC traded down $1.90 during trading hours on Monday, hitting $70.39. The company's stock had a trading volume of 5,562,980 shares, compared to its average volume of 17,099,677. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The business's 50-day moving average price is $75.97 and its 200-day moving average price is $69.80. The stock has a market cap of $229.82 billion, a price-to-earnings ratio of 13.09, a P/E/G ratio of 1.18 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating analysts' consensus estimates 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 firm 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 earned $0.86 EPS. The firm's revenue for the quarter was down .5% compared to the same quarter last year. Sell-side analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wells Fargo & Company

Several large investors have recently made changes to their positions in WFC. Rialto Wealth Management LLC purchased a new position in Wells Fargo & Company in the fourth quarter valued at $26,000. Investment Counsel Co. of Nevada purchased a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $28,000. BNP Paribas acquired a new position in Wells Fargo & Company in the 4th quarter worth about $28,000. Truvestments Capital LLC purchased a new position in Wells Fargo & Company during the third quarter worth approximately $29,000. Finally, Modus Advisors LLC acquired a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $30,000. 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.