Keefe, Bruyette & Woods Lowers Wells Fargo & Company (NYSE:WFC) Price Target to $94.00

Wells Fargo & Company (NYSE:WFC) had its price objective lowered by stock analysts at Keefe, Bruyette & Woods from $98.00 to $94.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 9.65% from the company’s previous close.

Several other equities research analysts have also commented on WFC. Truist Financial boosted their price objective on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Monday, April 20th. HSBC upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $94.00 price target for the company in a research report on Wednesday, April 1st. Bank of America increased their price objective on Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Finally, UBS Group lowered their target price on shares of Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $98.13.

Wells Fargo & Company Stock Down 2.2%

Shares of NYSE WFC opened at $85.73 on Wednesday. The company’s 50-day simple moving average is $80.89 and its 200-day simple moving average is $83.85. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76. The firm has a market cap of $262.35 billion, a price-to-earnings ratio of 13.23, a price-to-earnings-growth ratio of 1.00 and a beta of 0.92. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.12.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.27. The firm had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.60 EPS. Equities analysts predict that Wells Fargo & Company will post 6.98 EPS for the current fiscal year.

Institutional Trading of Wells Fargo & Company

Several large investors have recently added to or reduced their stakes in the stock. Godfrey Financial Associates Inc. purchased a new stake in shares of Wells Fargo & Company in the 4th quarter valued at approximately $25,000. Miller Capital Partners Inc. acquired a new stake in Wells Fargo & Company during the fourth quarter worth $25,000. Navalign LLC acquired a new stake in Wells Fargo & Company during the fourth quarter worth $26,000. Joseph Group Capital Management purchased a new stake in Wells Fargo & Company in the fourth quarter valued at $28,000. Finally, Core Wealth Advisors LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at $29,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo reported second-quarter EPS and revenue above estimates, helped by higher interest income, fee income, and lower credit provisions. Wells Fargo profit jumps on interest income boost, trading windfall
• Positive Sentiment: The company intends to hike its Q3 common stock dividend by 11% to $0.50, signaling confidence in capital strength and cash generation. Wells Fargo intends to hike Q3 common stock dividend by 11% to $0.50
• Positive Sentiment: Bank of America Securities reiterated a Buy rating and $102 price target, citing re-rating potential for Wells Fargo shares. Wells Fargo: Buy Rating Reiterated as Analyst Sees Re-Rating Potential and Keeps $102 Price Target Unchanged
• Neutral Sentiment: Wells Fargo and other major banks are exploring ways to work around debit swipe fee caps, a regulatory issue that could affect future revenue, but the impact is still uncertain. JPMorgan, Wells Fargo and other big banks explore how to sidestep debit swipe fee caps

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.