Wells Fargo & Company (NYSE:WFC) Downgraded to Equal Weight Rating by Morgan Stanley

Key Points

• Morgan Stanley downgraded Wells Fargo & Company from an "overweight" to an "equal weight" rating, with a price target of $90.00, suggesting a potential upside of 6.53% from its current price.
• Wells Fargo's stock has recently seen a slight decline, closing at $84.48, with a significant trading volume of 1,390,187 shares on Monday.
• Despite the downgrade, the company maintains a consensus rating of "Moderate Buy" with nine analysts rating it as a Buy and eight as Hold.

Wells Fargo & Company (NYSE:WFC) was downgraded by equities researchers at Morgan Stanley from an "overweight" rating to an "equal weight" rating in a note issued to investors on Monday, MarketBeat.com reports. They presently have a $90.00 price target on the financial services provider's stock. Morgan Stanley's price objective suggests a potential upside of 6.53% from the stock's current price.

Several other research firms have also weighed in on WFC. Truist Financial lifted their target price on Wells Fargo & Company from $86.00 to $88.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. Phillip Securities lowered Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. Cowen restated a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Evercore ISI restated an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Bank of America lifted their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Nine research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $83.15.

Wells Fargo & Company Trading Down 0.6%

Shares of NYSE WFC traded down $0.53 during midday trading on Monday, hitting $84.48. The stock had a trading volume of 1,390,187 shares, compared to its average volume of 16,738,934. The company's 50-day simple moving average is $80.84 and its 200 day simple moving average is $75.97. The firm has a market cap of $270.64 billion, a P/E ratio of 14.47, a price-to-earnings-growth ratio of 1.31 and a beta of 1.25. Wells Fargo & Company has a fifty-two week low of $54.40 and a fifty-two week high of $86.65. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. During the same period last year, the company earned $1.33 EPS. The firm's revenue was up .6% on a year-over-year basis. Research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in WFC. Wealth Management Partners LLC raised its holdings in Wells Fargo & Company by 3.5% during the second quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider's stock worth $313,000 after purchasing an additional 128 shares in the last quarter. Verum Partners LLC raised its holdings in Wells Fargo & Company by 1.8% during the second quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider's stock worth $582,000 after purchasing an additional 128 shares in the last quarter. Motive Wealth Advisors raised its holdings in Wells Fargo & Company by 3.7% during the second quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider's stock worth $293,000 after purchasing an additional 129 shares in the last quarter. Exencial Wealth Advisors LLC raised its holdings in Wells Fargo & Company by 0.7% during the second quarter. Exencial Wealth Advisors LLC now owns 18,009 shares of the financial services provider's stock worth $1,443,000 after purchasing an additional 131 shares in the last quarter. Finally, Yukon Wealth Management Inc. raised its holdings in Wells Fargo & Company by 4.3% during the second quarter. Yukon Wealth Management Inc. now owns 3,179 shares of the financial services provider's stock worth $255,000 after purchasing an additional 132 shares in the last quarter. Institutional investors own 75.90% of the company's stock.

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.

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