Raymond James Has Lowered Expectations for Wells Fargo & Company (NYSE:WFC) Stock Price

Wells Fargo & Company (NYSE:WFC) had its price target cut by Raymond James from $88.00 to $78.00 in a research note published on Monday,Benzinga reports. They currently have a strong-buy rating on the financial services provider’s stock.

WFC has been the topic of several other research reports. Bank of America cut their price objective on Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Barclays increased their target price on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. JPMorgan Chase & Co. decreased their price target on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Morgan Stanley boosted their price objective on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the company an “overweight” rating in a research report on Monday, April 7th. Finally, Piper Sandler cut their target price on shares of Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating on the stock in a report on Monday. Eight investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $74.88.

Wells Fargo & Company Trading Up 1.1 %

NYSE:WFC opened at $63.17 on Monday. The business’s 50-day moving average is $72.49 and its two-hundred day moving average is $71.02. The firm has a market capitalization of $206.26 billion, a PE ratio of 11.74, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02. Wells Fargo & Company has a 12 month low of $50.15 and a 12 month high of $81.50. 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 (NYSE:WFC) last released its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.16. The business had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business’s revenue was down 3.4% on a year-over-year basis. During the same period last year, the business earned $1.20 EPS. Research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were given a $0.40 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.53%. Wells Fargo & Company’s dividend payout ratio is presently 29.74%.

Institutional Trading of Wells Fargo & Company

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Harbor Capital Advisors Inc. boosted its holdings in shares of Wells Fargo & Company by 296.5% in the first quarter. Harbor Capital Advisors Inc. now owns 686 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 513 shares in the last quarter. Tounjian Advisory Partners LLC acquired a new stake in Wells Fargo & Company in the first quarter worth approximately $392,000. Pallas Capital Advisors LLC boosted its stake in Wells Fargo & Company by 5.9% during the 1st quarter. Pallas Capital Advisors LLC now owns 41,943 shares of the financial services provider’s stock valued at $3,011,000 after purchasing an additional 2,349 shares in the last quarter. Patrick M Sweeney & Associates Inc. raised its stake in shares of Wells Fargo & Company by 3.6% in the 1st quarter. Patrick M Sweeney & Associates Inc. now owns 5,557 shares of the financial services provider’s stock worth $399,000 after buying an additional 195 shares in the last quarter. Finally, City Holding Co. lifted its holdings in shares of Wells Fargo & Company by 26.7% in the first quarter. City Holding Co. now owns 1,850 shares of the financial services provider’s stock valued at $133,000 after buying an additional 390 shares during the period. 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.