Wells Fargo & Company (NYSE:WFC) Price Target Lowered to $83.00 at Bank of America

Wells Fargo & Company (NYSE:WFC) had its price objective lowered by analysts at Bank of America from $85.00 to $83.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Bank of America‘s price target suggests a potential upside of 16.45% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Compass Point lifted their target price on Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. UBS Group boosted their target price on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Morgan Stanley upped their target price on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Citigroup reduced their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Finally, Barclays increased their price objective on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Nine investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $75.39.

Wells Fargo & Company Trading Down 0.7 %

Wells Fargo & Company stock opened at $71.27 on Wednesday. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The firm has a market capitalization of $232.72 billion, a price-to-earnings ratio of 13.25, a P/E/G ratio of 1.18 and a beta of 1.16. The firm has a 50 day moving average of $75.60 and a 200 day moving average of $70.42. 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 (NYSE:WFC) last announced its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The firm had revenue of $20.38 billion during the quarter, compared to analysts’ expectations 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 for the quarter was down .5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.86 earnings per share. As a group, research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Hedge Funds Weigh In On Wells Fargo & Company

Several hedge funds have recently added to or reduced their stakes in the company. Rialto Wealth Management LLC purchased a new position in shares of Wells Fargo & Company during the fourth quarter valued at approximately $26,000. Investment Counsel Co. of Nevada purchased a new position in Wells Fargo & Company during the 4th quarter valued at $28,000. BNP Paribas bought a new position in Wells Fargo & Company in the 4th quarter valued at $28,000. Modus Advisors LLC purchased a new stake in Wells Fargo & Company in the fourth quarter worth $30,000. Finally, McClarren Financial Advisors Inc. bought a new stake in shares of Wells Fargo & Company during the fourth quarter worth $30,000. 75.90% of the stock is currently owned by institutional investors.

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.