Wells Fargo & Company (NYSE:WFC) Price Target Lowered to $78.00 at Citigroup

Wells Fargo & Company (NYSE:WFC) had its target price cut by Citigroup from $82.00 to $78.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other analysts have also commented on the stock. Truist Financial lifted their price target on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Royal Bank of Canada raised Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price on the stock in a report on Thursday, March 13th. Compass Point boosted their price target on Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Keefe, Bruyette & Woods upped their price target on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research report on Thursday, January 16th. Finally, Morgan Stanley raised their price objective on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Ten research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.18.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $74.28 on Monday. The business has a fifty day moving average price of $76.03 and a 200-day moving average price of $69.62. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The company has a market capitalization of $244.25 billion, a PE ratio of 13.81, a PEG ratio of 1.18 and a beta of 1.16. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business had revenue of $20.38 billion during the quarter, compared to analysts’ expectations of $20.58 billion. During the same period in the previous year, the company earned $0.86 earnings per share. The business’s revenue for the quarter was down .5% compared to the same quarter last year. As a group, equities analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 annualized dividend and a dividend yield of 2.15%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.74%.

Institutional Trading of Wells Fargo & Company

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rialto Wealth Management LLC purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth approximately $26,000. Investment Counsel Co. of Nevada purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $28,000. BNP Paribas bought a new position in Wells Fargo & Company in the fourth quarter worth approximately $28,000. Truvestments Capital LLC purchased a new position in Wells Fargo & Company during the 3rd quarter worth $29,000. Finally, Modus Advisors LLC bought a new stake in Wells Fargo & Company during the 4th quarter valued at $30,000. 75.90% of the stock is owned by hedge funds and other 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.