Wells Fargo & Co (NYSE:WFC) had its price target dropped by stock analysts at Bank of America from $32.00 to $29.00 in a research note issued to investors on Friday, BenzingaRatingsTable reports. The firm currently has a "neutral" rating on the financial services provider's stock. Bank of America's price objective indicates a potential upside of 14.24% from the stock's current price.
Other analysts also recently issued reports about the company. Citigroup dropped their price objective on Wells Fargo & Co from $43.00 to $37.00 and set a "neutral" rating for the company in a report on Friday, March 27th. Morgan Stanley dropped their price objective on Wells Fargo & Co from $29.00 to $27.00 and set an "equal weight" rating for the company in a report on Thursday, June 11th. Odeon Capital Group upgraded Wells Fargo & Co from a "sell" rating to a "hold" rating in a report on Thursday, March 26th. Berenberg Bank upgraded Wells Fargo & Co from a "sell" rating to a "hold" rating and set a $26.00 price target for the company in a report on Thursday, March 26th. Finally, Zacks Investment Research upgraded Wells Fargo & Co from a "strong sell" rating to a "hold" rating and set a $23.00 target price for the company in a research note on Tuesday, March 17th. Five research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and four have given a buy rating to the company's stock. The company has a consensus rating of "Hold" and an average price target of $35.52.
Shares of Wells Fargo & Co stock traded up $1.34 during trading hours on Friday, reaching $25.39. 37,937,690 shares of the company's stock were exchanged, compared to its average volume of 46,166,408. Wells Fargo & Co has a 52-week low of $22.00 and a 52-week high of $54.75. The firm has a market capitalization of $100.65 billion, a price-to-earnings ratio of 8.94, a price-to-earnings-growth ratio of 3.77 and a beta of 1.15. The company has a fifty day moving average of $27.05 and a 200-day moving average of $35.93. The company has a current ratio of 0.87, a quick ratio of 0.85 and a debt-to-equity ratio of 1.47.
Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.86 by ($0.85). The firm had revenue of $17.72 billion for the quarter, compared to analyst estimates of $19.40 billion. Wells Fargo & Co had a return on equity of 9.28% and a net margin of 14.52%. The company's quarterly revenue was down 18.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.20 earnings per share. On average, equities research analysts anticipate that Wells Fargo & Co will post 0.64 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of WFC. Norges Bank acquired a new position in Wells Fargo & Co during the 4th quarter worth $2,157,509,000. Capital Research Global Investors boosted its position in Wells Fargo & Co by 227.0% during the 4th quarter. Capital Research Global Investors now owns 19,840,076 shares of the financial services provider's stock worth $1,067,396,000 after acquiring an additional 13,773,468 shares during the period. Amundi Pioneer Asset Management Inc. lifted its holdings in shares of Wells Fargo & Co by 264.5% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 10,660,597 shares of the financial services provider's stock valued at $573,541,000 after buying an additional 7,736,141 shares during the period. APG Asset Management N.V. lifted its holdings in shares of Wells Fargo & Co by 56.9% in the first quarter. APG Asset Management N.V. now owns 9,949,691 shares of the financial services provider's stock valued at $428,169,000 after buying an additional 3,606,983 shares during the period. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Wells Fargo & Co by 105.3% in the first quarter. Canada Pension Plan Investment Board now owns 6,061,989 shares of the financial services provider's stock valued at $173,979,000 after buying an additional 3,108,879 shares during the period. Institutional investors and hedge funds own 73.18% of the company's stock.
About Wells Fargo & Co
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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