Wells Fargo & Company (NYSE:WFC) Stock Gets Price Target Cut from Citigroup

Wells Fargo & Company (NYSE:WFC) had its price objective cut by Citigroup from $90.00 to $88.00 in a report published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Several other equities analysts have also recently commented on the company. Raymond James Financial reiterated a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. TD Cowen began coverage on shares of Wells Fargo & Company in a research report on Thursday, October 8th. They set a “buy” rating and a $95.00 price target for the company. UBS Group dropped their price target on shares of Wells Fargo & Company from $104.00 to $102.00 and set a “buy” rating for the company in a research note on Monday, October 5th. JPMorgan Chase & Co. dropped their price target on shares of Wells Fargo & Company from $95.50 to $91.50 and set a “neutral” rating for the company in a research note on Friday, October 2nd. Finally, Robert W. Baird upped their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $98.08.

Wells Fargo & Company Trading Up 1.3%

Shares of WFC opened at $83.82 on Wednesday. Wells Fargo & Company has a one year low of $72.78 and a one year high of $97.76. The stock has a 50-day moving average price of $85.25 and a 200 day moving average price of $83.30. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.90 and a current ratio of 0.89. The company has a market capitalization of $253.48 billion, a P/E ratio of 11.82, a P/E/G ratio of 0.89 and a beta of 0.96.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Tuesday, October 13th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.02. Wells Fargo & Company had a return on equity of 14.05% and a net margin of 17.64%. The company had revenue of $21.87 billion for the quarter, compared to the consensus estimate of $22.30 billion. During the same period in the previous year, the business earned $1.66 EPS. Wells Fargo & Company’s revenue for the quarter was up 2.0% compared to the same quarter last year. Sell-side analysts forecast that Wells Fargo & Company will post 7.28 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th were paid a dividend of $0.50 per share. The ex-dividend date was Friday, August 7th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 2.4%. Wells Fargo & Company’s payout ratio is currently 28.21%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Phillip James Consulting Co. acquired a new stake in shares of Wells Fargo & Company during the 1st quarter valued at approximately $28,000. Security National Bank of Sioux City Iowa IA bought a new position in Wells Fargo & Company during the second quarter worth $28,000. Main Street Group LTD acquired a new position in Wells Fargo & Company in the first quarter worth $29,000. Dunhill Financial LLC acquired a new position in Wells Fargo & Company in the second quarter worth $30,000. Finally, Portus Wealth Advisors LLC acquired a new position in Wells Fargo & Company in the first quarter worth $33,000. Institutional investors own 75.90% of the company’s stock.

Key Wells Fargo & Company News

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

• Positive Sentiment: A court order reportedly dismissed a former CEO’s pay-related case, removing a potential legal overhang for WFC. Wells Fargo wins court order to dismiss former CEO’s pay-related case
• Positive Sentiment: Management reportedly expects fourth-quarter net interest income of about $13 billion, supported by deposit growth, consumer lending momentum and improving returns. That outlook strengthens the earnings-growth narrative. Wells Fargo Q3 Earnings Call Highlights Higher Interest Income Outlook
• Positive Sentiment: Third-quarter earnings of $1.87 per share exceeded the $1.85 consensus estimate, while net income reached $5.95 billion. Analysts and investors continue to describe the valuation as compelling despite recent weakness. Wells Fargo Q3 Results Reset The Story As Valuation Still Looks Compelling
• Neutral Sentiment: Wells Fargo appointed Cayetano Gea-Carrasco to lead AI and data for consumer banking and lending, a move intended to support efficiency and digital lending over the longer term. Wells Fargo Deepens AI and Data Leadership
• Negative Sentiment: Citigroup lowered its expectations for Wells Fargo’s share price, adding to broader analyst caution following the quarterly results. Citigroup Has Lowered Expectations for Wells Fargo Stock Price
• Negative Sentiment: Wells Fargo will reportedly bear most of a $4.4 million, multistate settlement over alleged unreasonable small-dollar trade commissions, creating a modest regulatory and reputational negative. Wells Fargo, Merrill Lynch to Pay $4.4 Million
• Negative Sentiment: The CFO said trading activity slowed sharply late in September, helping explain why revenue missed expectations despite the earnings beat. CEO Charlie Scharf also warned that inflation, gas costs and higher rates could eventually weaken consumer credit. Wells Fargo CFO Says Trading Activity Slowed Sharply
• Negative Sentiment: The OCC accused several large banks, including Wells Fargo, of restricting customer access based on political or religious views, posing a potential compliance and reputational risk. Banks Accused of Political and Religious Debanking

About Wells Fargo & Company

Wells Fargo & Company (NYSE: WFC) is a diversified financial services company that provides banking, lending, investment, and wealth management services to individuals, businesses, institutions, and government entities. Its offerings include checking and savings accounts, credit cards, personal and commercial loans, mortgages, payment services, and other deposit and credit products.

The company also provides investment banking, capital markets, brokerage, advisory, asset management, and retirement services through its corporate and investment banking and wealth and investment management businesses.