The Goldman Sachs Group Has Lowered Expectations for Wells Fargo & Company (NYSE:WFC) Stock Price

Wells Fargo & Company (NYSE:WFC) had its price objective decreased by research analysts at The Goldman Sachs Group from $92.00 to $91.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the financial services provider's stock. The Goldman Sachs Group's price objective suggests a potential upside of 13.90% from the stock's current price.

Several other research firms have also recently commented on WFC. Raymond James Financial cut Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Citigroup reissued a "neutral" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Truist Financial raised their target price on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Barclays cut their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th. Finally, Phillip Securities upgraded shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, April 14th. Eight investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and a consensus target price of $80.39.

Wells Fargo & Company Stock Up 1.3%

Shares of NYSE:WFC traded up $1.04 during midday trading on Wednesday, reaching $79.90. 30,557,486 shares of the company were exchanged, compared to its average volume of 17,406,552. The firm has a market cap of $260.00 billion, a PE ratio of 13.68, a P/E/G ratio of 1.33 and a beta of 1.16. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $83.95. The stock has a fifty day simple moving average of $76.72 and a two-hundred day simple moving average of $74.01. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.13. The firm had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a return on equity of 12.33% and a net margin of 16.82%. The company's revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the business posted $1.33 EPS. As a group, sell-side analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company announced that its board has authorized a share repurchase plan on Tuesday, April 29th that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 17.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On Wells Fargo & Company

Several hedge funds have recently added to or reduced their stakes in the business. CBIZ Investment Advisory Services LLC boosted its holdings in shares of Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock worth $27,000 after buying an additional 322 shares during the period. Investment Counsel Co. of Nevada acquired a new stake in Wells Fargo & Company during the fourth quarter worth approximately $28,000. BNP Paribas acquired a new position in shares of Wells Fargo & Company in the fourth quarter valued at approximately $28,000. Accent Capital Management LLC bought a new position in shares of Wells Fargo & Company during the first quarter worth approximately $29,000. Finally, Motco lifted its holdings in Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after purchasing an additional 326 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

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.