Wells Fargo & Company (NYSE:WFC) Given New $87.00 Price Target at Barclays

Wells Fargo & Company (NYSE:WFC) had its price target reduced by investment analysts at Barclays from $92.00 to $87.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price objective points to a potential upside of 37.72% from the company’s previous close.

Several other equities analysts have also recently weighed in on the company. Citigroup cut their price target on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a report on Monday, March 24th. JPMorgan Chase & Co. decreased their price target on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Truist Financial dropped their price objective on shares of Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating for the company in a research note on Monday. Bank of America decreased their target price on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. 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 for the company in a research report on Thursday, March 13th. Eight investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.88.

Wells Fargo & Company Price Performance

WFC stock traded up $0.66 during midday trading on Monday, hitting $63.17. The company’s stock had a trading volume of 20,084,515 shares, compared to its average volume of 17,634,617. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. The company has a 50 day moving average of $72.83 and a two-hundred day moving average of $70.97. The firm has a market capitalization of $206.26 billion, a price-to-earnings ratio of 11.74, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly 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 net margin of 15.73% and a return on equity of 12.38%. The company had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. During the same period in the previous year, the firm posted $1.20 EPS. Wells Fargo & Company’s revenue for the quarter was down 3.4% compared to the same quarter last year. On average, analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Hedge Funds Weigh In On Wells Fargo & Company

A number of large investors have recently made changes to their positions in the business. Empowered Funds LLC grew its position in Wells Fargo & Company by 19.1% during the 4th 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 during the last quarter. Valmark Advisers Inc. raised its stake in Wells Fargo & Company by 5.5% in the 4th quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider’s stock worth $583,000 after acquiring an additional 431 shares during the last quarter. NatWest Group plc grew its stake 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 valued at $12,115,000 after purchasing an additional 63,102 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $1,656,000. Finally, Modera Wealth Management LLC increased its holdings 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 worth $1,444,000 after buying an additional 2,548 shares during the period. 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.