Barclays Cuts Wells Fargo & Company (NYSE:WFC) Price Target to $87.00

Wells Fargo & Company (NYSE:WFC) had its price target lowered by Barclays from $92.00 to $87.00 in a report issued on Monday, Marketbeat reports. The firm currently has an overweight rating on the financial services provider's stock.

Other research analysts have also issued research reports about the stock. Keefe, Bruyette & Woods boosted their target price on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a "market perform" rating in a research report on Thursday, January 16th. Citigroup dropped their price objective on 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. Piper Sandler decreased their target price on Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating for the company in a research note on Monday. Raymond James dropped their price target on Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating on the stock in a research report on Monday. Finally, Truist Financial cut their price target on Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a report on Monday. Six analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $75.34.

Wells Fargo & Company Stock Up 1.0 %

Wells Fargo & Company stock traded up $0.65 during mid-day trading on Monday, hitting $64.63. 18,930,900 shares of the company's stock were exchanged, compared to its average volume of 17,611,591. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The stock has a 50 day moving average of $71.53 and a two-hundred day moving average of $70.98. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The stock has a market cap of $211.02 billion, a P/E ratio of 12.01, a P/E/G ratio of 1.18 and a beta of 1.02.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm had revenue of $20.15 billion during the quarter, compared to analysts' expectations of $20.82 billion. During the same quarter in the prior year, the business earned $1.20 earnings per share. The company's revenue was down 3.4% on a year-over-year basis. As a group, analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were paid a dividend of $0.40 per share. The ex-dividend date was Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.48%. Wells Fargo & Company's dividend payout ratio is 28.73%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Empowered Funds LLC boosted its stake in Wells Fargo & Company by 19.1% in the fourth quarter. Empowered Funds LLC now owns 190,330 shares of the financial services provider's stock worth $13,369,000 after purchasing an additional 30,510 shares in the last quarter. Valmark Advisers Inc. raised its holdings in shares of Wells Fargo & Company by 5.5% in the fourth quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider's stock valued at $583,000 after buying an additional 431 shares during the last quarter. NatWest Group plc lifted its position in Wells Fargo & Company by 57.7% during the 4th quarter. NatWest Group plc now owns 172,484 shares of the financial services provider's stock worth $12,115,000 after buying an additional 63,102 shares in the last quarter. Financiere des Professionnels Fonds d investissement inc. bought a new stake in Wells Fargo & Company during the 4th quarter worth about $1,656,000. Finally, Modera Wealth Management LLC increased its position in Wells Fargo & Company by 14.1% in the 4th quarter. Modera Wealth Management LLC now owns 20,562 shares of the financial services provider's stock valued at $1,444,000 after acquiring an additional 2,548 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

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.