Truist Financial Cuts Wells Fargo & Company (NYSE:WFC) Price Target to $84.00

Wells Fargo & Company (NYSE:WFC) had its price target cut by Truist Financial from $86.00 to $84.00 in a research report report published on Friday morning,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Several other brokerages also recently issued reports on WFC. 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 report on Thursday, March 13th. Compass Point increased their target price on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. cut 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. Morgan Stanley set a $79.00 price objective on shares of Wells Fargo & Company in a research report on Monday, March 24th. Finally, Barclays boosted their price objective on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Nine research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $75.50.

Wells Fargo & Company Stock Down 7.2 %

Wells Fargo & Company stock opened at $60.91 on Friday. The firm has a market capitalization of $198.89 billion, a price-to-earnings ratio of 11.32, a PEG ratio of 1.18 and a beta of 1.02. The company’s 50 day simple moving average is $74.93 and its 200 day simple moving average is $70.67. 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 has a fifty-two week low of $50.15 and a fifty-two week high of $81.50.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. During the same period last year, the business posted $0.86 earnings per share. The business’s revenue for the quarter was down .5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

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

Institutional Inflows and Outflows

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

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.