Wells Fargo & Company (NYSE:WFC) Price Target Cut to $87.00 by Analysts at Barclays

Wells Fargo & Company (NYSE:WFC) had its price target cut by Barclays from $92.00 to $87.00 in a research note issued to investors on Monday,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

WFC has been the topic of several other research reports. Morgan Stanley upped their price target on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Monday, April 7th. Piper Sandler decreased their price target on shares of Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating on the stock in a research note on Monday. Bank of America dropped their price objective on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods increased their price objective on 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, JPMorgan Chase & Co. dropped their target price on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Eight equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $74.88.

Wells Fargo & Company Trading Up 1.1 %

Shares of WFC stock opened at $63.17 on Monday. The company has a market capitalization of $206.26 billion, a P/E ratio of 11.74, a P/E/G ratio of 1.18 and a beta of 1.02. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The firm has a 50-day moving average price of $72.49 and a 200 day moving average price of $71.02.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $0.16. The company had revenue of $20.15 billion during the quarter, compared to analysts’ expectations of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company’s quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.20 earnings per share. Research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were given a dividend of $0.40 per share. The ex-dividend date was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.53%. Wells Fargo & Company’s dividend payout ratio is 29.74%.

Institutional Trading of Wells Fargo & Company

A number of large investors have recently made changes to their positions in the company. Harbor Capital Advisors Inc. raised its stake in Wells Fargo & Company by 296.5% during the 1st quarter. Harbor Capital Advisors Inc. now owns 686 shares of the financial services provider’s stock worth $49,000 after buying an additional 513 shares during the period. Tounjian Advisory Partners LLC bought a new stake in shares of Wells Fargo & Company in the first quarter worth about $392,000. Pallas Capital Advisors LLC raised its position in shares of Wells Fargo & Company by 5.9% during the first quarter. Pallas Capital Advisors LLC now owns 41,943 shares of the financial services provider’s stock worth $3,011,000 after purchasing an additional 2,349 shares during the period. Patrick M Sweeney & Associates Inc. lifted its holdings in shares of Wells Fargo & Company by 3.6% during the 1st quarter. Patrick M Sweeney & Associates Inc. now owns 5,557 shares of the financial services provider’s stock valued at $399,000 after purchasing an additional 195 shares in the last quarter. Finally, City Holding Co. increased its stake in Wells Fargo & Company by 26.7% during the 1st quarter. City Holding Co. now owns 1,850 shares of the financial services provider’s stock worth $133,000 after purchasing an additional 390 shares in the last quarter. 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.