Truist Financial Issues Pessimistic Forecast for Wells Fargo & Company (NYSE:WFC) Stock Price

Wells Fargo & Company (NYSE:WFC) had its price objective reduced by analysts at Truist Financial from $84.00 to $73.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s target price suggests a potential upside of 13.03% from the stock’s previous close.

Several other equities research analysts have also commented on WFC. Royal Bank of Canada upgraded shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective on the stock in a research report on Thursday, March 13th. Citigroup reduced their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Keefe, Bruyette & Woods raised their price objective on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research note on Thursday, January 16th. Bank of America reduced their target price 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. Finally, Barclays raised their price target on Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.34.

Wells Fargo & Company Trading Up 2.4 %

Shares of Wells Fargo & Company stock opened at $64.58 on Monday. The company has a 50-day moving average of $72.15 and a two-hundred day moving average of $70.97. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The stock has a market cap of $210.87 billion, a PE ratio of 12.00, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02.

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

Institutional Inflows and Outflows

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