Truist Financial Lowers Wells Fargo & Company (NYSE:WFC) Price Target to $84.00

Wells Fargo & Company (NYSE:WFC) had its price objective reduced by Truist Financial from $86.00 to $84.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s target price would suggest a potential upside of 37.90% from the company’s previous close.

WFC has been the topic of a number of other reports. Royal Bank of Canada upgraded shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a research report on Thursday, March 13th. JPMorgan Chase & Co. reduced their target price on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a report on Thursday. Bank of America decreased their target price on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a research report on Wednesday. Citigroup cut their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Finally, UBS Group lifted their price objective on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Nine investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company currently has an average rating of “Moderate Buy” and an average price target of $75.50.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $60.91 on Friday. The business’s fifty day moving average is $74.93 and its 200 day moving average is $70.56. The firm has a market cap of $198.89 billion, a price-to-earnings ratio of 11.32, a PEG ratio of 1.18 and a beta of 1.02. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. During the same period in the previous year, the business earned $0.86 EPS. The business’s revenue for the quarter was down .5% on a year-over-year basis. Research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rialto Wealth Management LLC purchased a new stake in Wells Fargo & Company during the 4th quarter worth approximately $26,000. Investment Counsel Co. of Nevada acquired a new stake in shares of Wells Fargo & Company in the fourth quarter worth approximately $28,000. BNP Paribas acquired a new stake in shares of Wells Fargo & Company in the fourth quarter worth approximately $28,000. Modus Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $30,000. Finally, McClarren Financial Advisors Inc. acquired a new position in Wells Fargo & Company in the 4th quarter valued at $30,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

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.