JPMorgan Chase & Co. Cuts Wells Fargo & Company (NYSE:WFC) Price Target to $91.50

Wells Fargo & Company (NYSE:WFC) had its price objective decreased by JPMorgan Chase & Co. from $95.50 to $91.50 in a research note issued to investors on Friday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

A number of other equities research analysts have also recently issued reports on the stock. UBS Group dropped their target price on shares of Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods reduced their price target on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 15th. Weiss Ratings restated a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. HSBC began coverage on shares of Wells Fargo & Company in a research note on Monday, September 28th. They set a “buy” rating and a $108.00 price objective on the stock. Finally, Morgan Stanley raised their price objective on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, Wells Fargo & Company currently has an average rating of “Moderate Buy” and a consensus target price of $99.69.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC opened at $80.47 on Friday. The business’s fifty day moving average price is $86.26 and its two-hundred day moving average price is $83.05. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76. The stock has a market capitalization of $243.33 billion, a price-to-earnings ratio of 11.70, a price-to-earnings-growth ratio of 0.87 and a beta of 0.96. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.23. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The firm had revenue of $22.62 billion during the quarter, compared to analyst estimates of $21.86 billion. During the same period in the prior year, the company posted $1.60 earnings per share. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, analysts predict that Wells Fargo & Company will post 7.28 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.5%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, August 7th. Wells Fargo & Company’s dividend payout ratio is 29.07%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in WFC. Legal & General Group Plc bought a new position in shares of Wells Fargo & Company in the second quarter worth about $1,635,881,000. Bank of New York Mellon Corp acquired a new position in shares of Wells Fargo & Company during the second quarter worth approximately $1,364,923,000. Deutsche Bank AG acquired a new position in shares of Wells Fargo & Company during the second quarter worth approximately $859,431,000. Pzena Investment Management LLC bought a new stake in shares of Wells Fargo & Company during the second quarter valued at approximately $729,502,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Wells Fargo & Company during the second quarter valued at approximately $620,861,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Key Stories Impacting Wells Fargo & Company

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

• Positive Sentiment: S&P Global Ratings upgraded Wells Fargo’s long-term credit rating to A- from BBB+ and maintained a stable outlook. The upgrade reflects improvements in risk management, profitability and client relationships, potentially lowering funding costs and reinforcing confidence in the bank’s financial strength. WFC’s Credit Rating Upgraded to A- by S&P, Outlook Remains Stable
• Positive Sentiment: Truist Financial raised its Wells Fargo price target to $95 from $94 and reiterated a Buy rating. The higher target indicates continued confidence in Wells Fargo’s earnings outlook and valuation potential. Truist raises Wells Fargo price target
• Neutral Sentiment: JPMorgan lowered its price target to $91.50 from $95.50 and assigned a Neutral rating. Although the reduced target signals less near-term upside, it remains above the current market level, suggesting JPMorgan does not expect a significant decline. JPMorgan lowers Wells Fargo price target
• Neutral Sentiment: The Federal Reserve’s revised bank stress-testing framework is intended to reduce swings in capital requirements and improve planning visibility for major banks, including Wells Fargo. The change could benefit capital management over time, but its immediate earnings impact is uncertain. Fed Revamps Bank Stress Tests

Wells Fargo & Company Company Profile

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.