Wells Fargo & Company (NYSE:WFC) Given New $73.50 Price Target at JPMorgan Chase & Co.

Wells Fargo & Company (NYSE:WFC) had its price objective cut by equities research analysts at JPMorgan Chase & Co. from $82.00 to $73.50 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 9.90% from the stock’s previous close.

A number of other research firms also recently issued reports on WFC. Bank of America decreased their price objective on Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating for the company in a report on Wednesday. The Goldman Sachs Group raised their price target on shares of Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Truist Financial lifted their price target on Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Morgan Stanley set a $79.00 price target on shares of Wells Fargo & Company in a research report on Monday, March 24th. Finally, Royal Bank of Canada upgraded 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 note on Thursday, March 13th. Nine analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $75.55.

Wells Fargo & Company Trading Down 7.4 %

NYSE WFC traded down $5.38 during mid-day trading on Thursday, reaching $66.88. 12,879,770 shares of the stock were exchanged, compared to its average volume of 17,093,267. The stock has a market cap of $218.37 billion, a P/E ratio of 12.43, a P/E/G ratio of 1.18 and a beta of 1.16. The stock has a 50 day simple moving average of $75.50 and a 200-day simple moving average of $70.43. 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 one year low of $50.15 and a one year high of $81.50.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. The company’s quarterly revenue was down .5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.86 earnings per share. On average, analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in WFC. Waller Financial Planning Group Inc. bought a new position in shares of Wells Fargo & Company during the first quarter valued at $226,000. CWC Advisors LLC. boosted its stake in Wells Fargo & Company by 2.2% in the 4th quarter. CWC Advisors LLC. now owns 16,796 shares of the financial services provider’s stock worth $1,180,000 after purchasing an additional 365 shares during the period. 111 Capital purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth about $776,000. NorthCrest Asset Manangement LLC raised its position in Wells Fargo & Company by 1.2% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 176,604 shares of the financial services provider’s stock valued at $12,405,000 after purchasing an additional 2,129 shares during the period. Finally, Northstar Financial Companies Inc. purchased a new position in Wells Fargo & Company during the fourth quarter worth $638,000. Institutional investors own 75.90% of the company’s stock.

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.