Wells Fargo & Company (NYSE:WFC) Price Target Cut to $87.00 by Analysts at Barclays

Wells Fargo & Company (NYSE:WFC) had its price objective lowered by Barclays from $92.00 to $87.00 in a research report released on Monday,Benzinga reports. Barclays currently has an overweight rating on the financial services provider’s stock.

A number of other analysts also recently issued reports on the company. JPMorgan Chase & Co. lowered their target price on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Truist Financial dropped their price objective on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday. Keefe, Bruyette & Woods raised their target price on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research note on Thursday, January 16th. Bank of America dropped their price target on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Finally, Raymond James lowered their price objective on shares of Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating on the stock in a research note on Monday. Eight research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently 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 company has a market cap of $206.26 billion, a P/E ratio of 11.74, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The business has a 50 day moving average price of $72.49 and a two-hundred day moving average price of $71.02. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business had revenue of $20.15 billion during the quarter, compared to analysts’ expectations of $20.82 billion. During the same quarter in the prior year, the company posted $1.20 earnings per share. The firm’s revenue was down 3.4% on a year-over-year basis. As a group, analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Morse Asset Management Inc bought a new stake in shares of Wells Fargo & Company during the 3rd quarter worth approximately $487,000. Tudor Financial Inc. acquired a new stake in shares of Wells Fargo & Company in the 3rd quarter valued at $468,000. Anchor Investment Management LLC increased its stake in shares of Wells Fargo & Company by 5.5% in the 3rd quarter. Anchor Investment Management LLC now owns 15,903 shares of the financial services provider’s stock valued at $898,000 after purchasing an additional 836 shares during the last quarter. World Investment Advisors LLC raised its holdings in shares of Wells Fargo & Company by 1,263.8% during the 3rd quarter. World Investment Advisors LLC now owns 75,432 shares of the financial services provider’s stock worth $4,261,000 after buying an additional 69,901 shares in the last quarter. Finally, Tidal Investments LLC lifted its position in shares of Wells Fargo & Company by 4.5% during the 3rd quarter. Tidal Investments LLC now owns 138,813 shares of the financial services provider’s stock worth $7,842,000 after buying an additional 5,946 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

About Wells Fargo & Company

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.