Morgan Stanley Lowers Wells Fargo & Company (NYSE:WFC) Price Target to $67.00

Wells Fargo & Company (NYSE:WFC) had its price objective decreased by analysts at Morgan Stanley from $68.00 to $67.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s price target points to a potential upside of 20.89% from the company’s previous close.

Several other research analysts have also recently commented on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a report on Tuesday, September 3rd. Keefe, Bruyette & Woods decreased their price objective on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a research note on Monday, July 15th. Jefferies Financial Group cut shares of Wells Fargo & Company to a “hold” rating and lowered their price objective for the stock from $62.00 to $59.00 in a research report on Friday, August 16th. Evercore ISI reduced their target price on Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating for the company in a report on Friday, September 6th. Finally, BMO Capital Markets lifted their price target on Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a report on Thursday, July 11th. Twelve equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Wells Fargo & Company has an average rating of “Hold” and a consensus price target of $60.24.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $55.42 on Monday. The company has a market capitalization of $193.21 billion, a PE ratio of 11.38, a price-to-earnings-growth ratio of 1.32 and a beta of 1.16. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a fifty day moving average of $55.60 and a 200-day moving average of $57.79. Wells Fargo & Company has a one year low of $38.38 and a one year high of $62.55.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.04. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The company had revenue of $20.69 billion for the quarter, compared to analyst estimates of $20.29 billion. During the same period in the previous year, the firm earned $1.25 earnings per share. Wells Fargo & Company’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, equities analysts anticipate that Wells Fargo & Company will post 5.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Wells Fargo & Company

Several institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP increased its holdings in shares of Wells Fargo & Company by 3,295.6% during the 2nd quarter. Marshall Wace LLP now owns 2,331,925 shares of the financial services provider’s stock valued at $138,493,000 after acquiring an additional 2,404,898 shares during the last quarter. 1832 Asset Management L.P. lifted its holdings in Wells Fargo & Company by 67.1% in the 1st quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock worth $339,226,000 after purchasing an additional 2,349,595 shares during the last quarter. Morningstar Investment Services LLC boosted its position in Wells Fargo & Company by 103.7% during the fourth quarter. Morningstar Investment Services LLC now owns 3,833,570 shares of the financial services provider’s stock worth $189,684,000 after purchasing an additional 1,951,477 shares during the period. Rokos Capital Management LLP grew its holdings in Wells Fargo & Company by 141.6% during the first quarter. Rokos Capital Management LLP now owns 2,620,868 shares of the financial services provider’s stock valued at $151,853,000 after purchasing an additional 1,536,152 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. bought a new position in shares of Wells Fargo & Company in the first quarter valued at approximately $84,819,000. 75.90% of the stock is currently owned by institutional investors.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.