Wells Fargo & Company (NYSE:WFC) Given New $78.00 Price Target at Raymond James

Wells Fargo & Company (NYSE:WFC) had its price target reduced by equities researchers at Raymond James from $88.00 to $78.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a "strong-buy" rating on the financial services provider's stock. Raymond James' price target would indicate a potential upside of 20.69% from the stock's current price.

A number of other research analysts have also issued reports on the stock. Truist Financial dropped their price target on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a research note on Monday. Morgan Stanley boosted their target price on Wells Fargo & Company from $79.00 to $80.00 and gave the stock an "overweight" rating in a research report on Monday, April 7th. 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 report on Thursday, January 16th. Bank of America dropped their price objective on Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Finally, Barclays raised their target price on Wells Fargo & Company from $90.00 to $92.00 and gave the company an "overweight" rating in a report on Thursday, January 16th. Six investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Wells Fargo & Company currently has an average rating of "Moderate Buy" and an average target price of $75.34.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC traded up $0.65 on Monday, reaching $64.63. The company's stock had a trading volume of 18,930,900 shares, compared to its average volume of 17,611,591. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. The stock's 50-day moving average is $71.53 and its two-hundred day moving average is $70.98. The stock has a market capitalization of $211.02 billion, a P/E ratio of 12.01, a PEG ratio of 1.18 and a beta of 1.02.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released 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. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same quarter in the previous year, the company posted $1.20 earnings per share. The company's revenue for the quarter was down 3.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Hedge Funds Weigh In On Wells Fargo & Company

Institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in Wells Fargo & Company in the 4th quarter valued at about $3,365,658,000. Capital Research Global Investors raised its position in shares of Wells Fargo & Company by 932.0% in the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock valued at $1,105,218,000 after buying an additional 14,210,193 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Wells Fargo & Company by 7,887.9% during the first quarter. GAMMA Investing LLC now owns 3,393,083 shares of the financial services provider's stock valued at $243,589,000 after buying an additional 3,350,605 shares during the period. Northern Trust Corp boosted its position in Wells Fargo & Company by 10.7% during the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock worth $2,411,992,000 after acquiring an additional 3,307,855 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Wells Fargo & Company in the 4th quarter worth approximately $198,801,000. 75.90% of the stock is owned by institutional investors and hedge funds.

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.