The Goldman Sachs Group Cuts Wells Fargo & Company (NYSE:WFC) Price Target to $91.00

Wells Fargo & Company (NYSE:WFC) had its price objective lowered by The Goldman Sachs Group from $92.00 to $91.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

WFC has been the topic of a number of other reports. Raymond James Financial cut Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a report on Monday, July 7th. Evercore ISI reaffirmed an “outperform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. JPMorgan Chase & Co. reduced their price objective on shares of 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. Piper Sandler reaffirmed an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Finally, Barclays reduced their price objective on shares of Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Nine equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $80.39.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $80.64 on Wednesday. The company has a market capitalization of $262.42 billion, a PE ratio of 13.81, a P/E/G ratio of 1.33 and a beta of 1.16. The company has a 50 day simple moving average of $77.14 and a two-hundred day simple moving average of $74.18. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.84 and a current ratio of 0.84. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $83.95.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.33 EPS. Research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 17.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 27.40%.

Hedge Funds Weigh In On Wells Fargo & Company

Several large investors have recently bought and sold shares of the stock. Livforsakringsbolaget Skandia Omsesidigt lifted its stake in Wells Fargo & Company by 2,735,254.3% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock valued at $76,095,550,000 after acquiring an additional 949,735,001 shares in the last quarter. Norges Bank bought a new position in Wells Fargo & Company during the 4th quarter valued at $3,365,658,000. Northern Trust Corp lifted its stake in Wells Fargo & Company by 10.7% during the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider’s stock valued at $2,411,992,000 after acquiring an additional 3,307,855 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Wells Fargo & Company by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 20,497,429 shares of the financial services provider’s stock valued at $1,471,259,000 after acquiring an additional 128,207 shares in the last quarter. Finally, Capital Research Global Investors raised its stake in shares of Wells Fargo & Company by 932.0% during the 4th quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider’s stock worth $1,105,218,000 after purchasing an additional 14,210,193 shares during the period. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Company Profile

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.