Wells Fargo & Company (NYSE:WFC) Downgraded by Raymond James Financial to Market Perform

Raymond James Financial lowered shares of Wells Fargo & Company (NYSE:WFC) from a strong-buy rating to a market perform rating in a report issued on Monday, MarketBeat.com reports.

WFC has been the subject of several other reports. JPMorgan Chase & Co. lowered their target price on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. TD Cowen started coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 target price for the company. Piper Sandler reissued an "overweight" rating and issued a $85.00 target price (up from $75.00) on shares of Wells Fargo & Company in a research note on Wednesday, June 4th. Citigroup lifted their target price on Wells Fargo & Company from $78.00 to $85.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. 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 note on Wednesday, June 4th. Eight analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $78.33.

Wells Fargo & Company Price Performance

NYSE:WFC traded down $1.26 during mid-day trading on Monday, reaching $82.34. 18,149,860 shares of the company were exchanged, compared to its average volume of 17,380,211. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The stock has a market cap of $267.95 billion, a PE ratio of 14.78, a PEG ratio of 1.40 and a beta of 1.16. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $83.95. The company has a fifty day moving average of $75.34 and a 200 day moving average of $73.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.23 by $0.16. The business had revenue of $20.15 billion for the quarter, compared to analysts' expectations of $20.82 billion. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. Wells Fargo & Company's revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.20 earnings per share. On average, research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company announced that its Board of Directors has initiated a stock repurchase program on Tuesday, April 29th that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 1.94%. Wells Fargo & Company's dividend payout ratio (DPR) is currently 28.73%.

Institutional Investors Weigh In On Wells Fargo & Company

Several large investors have recently modified their holdings of WFC. Rialto Wealth Management LLC bought a new stake in shares of Wells Fargo & Company in the fourth quarter worth about $26,000. CBIZ Investment Advisory Services LLC increased its holdings in shares of Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock worth $27,000 after acquiring an additional 322 shares in the last quarter. Investment Counsel Co. of Nevada bought a new stake in shares of Wells Fargo & Company in the fourth quarter worth about $28,000. BNP Paribas bought a new stake in shares of Wells Fargo & Company in the fourth quarter worth about $28,000. Finally, Motco boosted its position in shares of Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after buying an additional 326 shares during the period. 75.90% of the stock is currently owned by institutional investors.

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.