Bank of America Has Lowered Expectations for Wells Fargo & Company (NYSE:WFC) Stock Price

Wells Fargo & Company (NYSE:WFC) had its target price decreased by equities research analysts at Bank of America from $85.00 to $83.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the financial services provider's stock. Bank of America's price target would indicate a potential upside of 14.75% from the company's current price.

WFC has been the topic of several other research reports. UBS Group upped their target price on Wells Fargo & Company from $69.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, December 9th. Keefe, Bruyette & Woods upped their price objective 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. Barclays increased their price objective on Wells Fargo & Company from $90.00 to $92.00 and gave the stock an "overweight" rating in a research report on Thursday, January 16th. Royal Bank of Canada upgraded shares of 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 note on Thursday, March 13th. Finally, Morgan Stanley lifted their price objective on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an "overweight" rating in a research note on Thursday, January 16th. Nine analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.39.

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Wells Fargo & Company Stock Performance

WFC traded up $1.02 during trading hours on Wednesday, reaching $72.33. The company's stock had a trading volume of 8,823,973 shares, compared to its average volume of 17,106,851. The company's 50-day moving average is $75.50 and its 200-day moving average is $70.43. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The firm has a market cap of $236.17 billion, a PE ratio of 13.44, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.09. The company had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company's revenue was down .5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.86 earnings per share. On average, equities analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Institutional Investors Weigh In On Wells Fargo & Company

A number of hedge funds have recently made changes to their positions in WFC. Rialto Wealth Management LLC acquired a new position in Wells Fargo & Company during the 4th quarter worth approximately $26,000. Investment Counsel Co. of Nevada acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth $28,000. BNP Paribas acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth $28,000. Modus Advisors LLC bought a new position in shares of Wells Fargo & Company in the 4th quarter valued at $30,000. Finally, McClarren Financial Advisors Inc. acquired a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $30,000. 75.90% of the stock is currently 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.