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

Wells Fargo & Company (NYSE:WFC) had its target price lowered by equities research analysts at JPMorgan Chase & Co. from $82.00 to $73.50 in a report issued on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 20.66% from the stock's current price.

A number of other brokerages have also weighed in on WFC. The Goldman Sachs Group increased their target price on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. UBS Group boosted their target price on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, December 9th. Bank of America cut their price objective on shares of Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating for the company in a report on Wednesday. Barclays lifted their price objective on Wells Fargo & Company from $90.00 to $92.00 and gave the company an "overweight" rating in a report on Thursday, January 16th. Finally, Royal Bank of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target on the stock in a research report on Thursday, March 13th. Nine equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $75.50.

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Wells Fargo & Company Stock Performance

Shares of WFC traded down $4.76 during mid-day trading on Thursday, reaching $60.91. The company's stock had a trading volume of 31,028,896 shares, compared to its average volume of 17,232,166. 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 has a 1-year low of $50.15 and a 1-year high of $81.50. The business has a 50-day simple moving average of $75.26 and a two-hundred day simple moving average of $70.40. The stock has a market cap of $198.89 billion, a P/E ratio of 11.32, a PEG ratio of 1.18 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. During the same period in the previous year, the company earned $0.86 earnings per share. The company's quarterly revenue was down .5% on a year-over-year basis. As a group, equities research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in WFC. Norges Bank bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $3,365,658,000. 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 valued at $2,411,992,000 after acquiring an additional 3,307,855 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Wells Fargo & Company by 1.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 20,369,222 shares of the financial services provider's stock worth $1,430,742,000 after acquiring an additional 238,131 shares during the period. Capital Research Global Investors raised its position in shares of Wells Fargo & Company by 932.0% in 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 acquiring an additional 14,210,193 shares in the last quarter. Finally, Capital World Investors lifted its stake in shares of Wells Fargo & Company by 0.4% in the 4th quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider's stock valued at $977,338,000 after purchasing an additional 62,099 shares during the period. Institutional investors own 75.90% of the company's stock.

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.