Wells Fargo & Company (NYSE:WFC) Trading Down 6.7% After Analyst Downgrade

Wells Fargo & Company (NYSE:WFC) traded down 6.7% on Friday after Truist Financial lowered their price target on the stock from $86.00 to $84.00. Truist Financial currently has a buy rating on the stock. Wells Fargo & Company traded as low as $59.71 and last traded at $61.27. 8,072,519 shares changed hands during trading, a decline of 53% from the average session volume of 17,127,259 shares. The stock had previously closed at $65.67.

Other analysts have also issued reports about the stock. Compass Point increased their price objective on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Bank of America reduced their price target on Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a report on Wednesday. Royal Bank of Canada upgraded Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a report on Thursday, March 13th. The Goldman Sachs Group increased their target price on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Morgan Stanley set a $79.00 target price on shares of Wells Fargo & Company in a research note on Monday, March 24th. Nine equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $75.50.

Institutional Investors Weigh In On Wells Fargo & Company

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

Wells Fargo & Company Stock Down 7.2 %

The business has a 50-day simple moving average of $74.93 and a 200-day simple moving average of $70.44. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The company has a market cap of $198.89 billion, a price-to-earnings ratio of 11.32, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16.

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 for the quarter, beating analysts’ consensus estimates of $1.34 by $0.09. The business 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 last year, the business earned $0.86 EPS. On average, equities analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were paid a dividend of $0.40 per share. The ex-dividend date was Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.63%. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

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.