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

Wells Fargo & Company (NYSE:WFC) had its target price reduced by stock analysts at Truist Financial from $86.00 to $84.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the financial services provider's stock. Truist Financial's target price points to a potential upside of 37.90% from the stock's current price.

WFC has been the topic of several other research reports. Keefe, Bruyette & Woods raised their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the company a "market perform" rating in a research note on Thursday, January 16th. Compass Point boosted their price target on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the company a "neutral" rating in a report on Tuesday, December 10th. Citigroup dropped their price objective on shares of Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. Royal Bank of Canada raised shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price objective for the company in a research note on Thursday, March 13th. Finally, Barclays lifted their price target on Wells Fargo & Company from $90.00 to $92.00 and gave the company an "overweight" rating in a report on Thursday, January 16th. Nine equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $75.50.

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Wells Fargo & Company Trading Down 7.2 %

WFC stock traded down $4.76 during trading on Friday, hitting $60.91. The company had a trading volume of 31,028,896 shares, compared to its average volume of 17,256,595. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. The company has a 50 day simple moving average of $74.93 and a 200-day simple moving average of $70.56. The firm has a market capitalization of $198.89 billion, a P/E ratio of 11.32, a PEG ratio of 1.18 and a beta of 1.02. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, topping 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 business had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. During the same period last year, the company posted $0.86 earnings per share. The company's quarterly revenue was down .5% compared to the same quarter last year. As a group, research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wells Fargo & Company

Several hedge funds and other institutional investors have recently bought and sold shares of WFC. Rialto Wealth Management LLC purchased a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $26,000. Investment Counsel Co. of Nevada acquired a new position in Wells Fargo & Company during the fourth quarter valued at $28,000. BNP Paribas purchased a new stake in Wells Fargo & Company in the fourth quarter valued at $28,000. Rakuten Securities Inc. grew its position in Wells Fargo & Company by 126.7% during the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after purchasing an additional 237 shares during the period. Finally, Modus Advisors LLC acquired a new stake in Wells Fargo & Company during the 4th quarter worth about $30,000. Institutional investors and hedge funds 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.