JPMorgan Chase & Co. Lowers Wells Fargo & Company (NYSE:WFC) Price Target to $73.50

Wells Fargo & Company (NYSE:WFC) had its target price decreased by research analysts at JPMorgan Chase & Co. from $82.00 to $73.50 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price target points to a potential upside of 12.00% from the company's current price.

A number of other equities research analysts have also recently weighed in on the company. Citigroup lowered their price target on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Morgan Stanley set a $79.00 price target on shares of Wells Fargo & Company in a report on Monday, March 24th. Keefe, Bruyette & Woods upped their price objective on shares of 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. Barclays raised their price objective on Wells Fargo & Company from $90.00 to $92.00 and gave the stock an "overweight" rating in a report on Thursday, January 16th. Finally, Truist Financial lifted their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the company a "buy" 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. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $75.55.

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Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock traded down $6.64 on Thursday, reaching $65.62. 25,850,355 shares of the stock were exchanged, compared to its average volume of 17,157,369. The firm has a market capitalization of $214.27 billion, a PE ratio of 12.20, 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. The business has a fifty day moving average price of $75.26 and a two-hundred day moving average price of $70.40. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released 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. The company had revenue of $20.38 billion for the quarter, compared to analysts' expectations of $20.58 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm's quarterly revenue was down .5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.86 EPS. As a group, research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of WFC. Versant Capital Management Inc grew its position in shares of Wells Fargo & Company by 84.2% during the first quarter. Versant Capital Management Inc now owns 9,189 shares of the financial services provider's stock worth $660,000 after buying an additional 4,200 shares in the last quarter. Waller Financial Planning Group Inc. bought a new position in shares of Wells Fargo & Company during the first quarter worth about $226,000. CWC Advisors LLC. raised its stake in Wells Fargo & Company by 2.2% during the fourth quarter. CWC Advisors LLC. now owns 16,796 shares of the financial services provider's stock valued at $1,180,000 after buying an additional 365 shares in the last quarter. 111 Capital bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at approximately $776,000. Finally, NorthCrest Asset Manangement LLC lifted its stake in Wells Fargo & Company by 1.2% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 176,604 shares of the financial services provider's stock worth $12,405,000 after purchasing an additional 2,129 shares during the last quarter. 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.