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

Wells Fargo & Company (NYSE:WFC) had its price target reduced by investment analysts at Citigroup from $82.00 to $78.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Citigroup’s target price would indicate a potential upside of 5.43% from the stock’s current price.

WFC has been the subject of several other reports. Barclays increased their price objective on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. The Goldman Sachs Group increased their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, December 6th. UBS Group lifted their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Keefe, Bruyette & Woods increased their target price 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. Finally, Piper Sandler lifted their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Ten equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $74.18.

Wells Fargo & Company Price Performance

NYSE WFC traded up $1.46 on Monday, hitting $73.98. 2,373,982 shares of the company’s stock were exchanged, compared to its average volume of 16,274,259. Wells Fargo & Company has a 52 week low of $50.15 and a 52 week high of $81.50. The stock has a 50-day moving average of $75.95 and a 200-day moving average of $69.50. 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 $243.26 billion, a price-to-earnings ratio of 13.75, a P/E/G ratio of 1.18 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results 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 company had revenue of $20.38 billion for the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm’s quarterly revenue was down .5% compared to the same quarter last year. During the same period last year, the company posted $0.86 EPS. Analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Institutional Investors Weigh In On Wells Fargo & Company

A number of institutional investors and hedge funds have recently modified their holdings of WFC. Meridian Wealth Management LLC purchased a new stake in shares of Wells Fargo & Company in the 3rd quarter valued at about $504,000. Nwam LLC purchased a new stake in Wells Fargo & Company in the third quarter valued at approximately $309,000. Great Valley Advisor Group Inc. lifted its position in Wells Fargo & Company by 2.1% during the third quarter. Great Valley Advisor Group Inc. now owns 23,205 shares of the financial services provider’s stock valued at $1,311,000 after purchasing an additional 487 shares during the last quarter. Algert Global LLC purchased a new position in Wells Fargo & Company in the 3rd quarter worth approximately $3,981,000. Finally, Larson Financial Group LLC increased its holdings in shares of Wells Fargo & Company by 21.8% in the 3rd quarter. Larson Financial Group LLC now owns 6,129 shares of the financial services provider’s stock worth $346,000 after buying an additional 1,097 shares during the last quarter. 75.90% of the stock is 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.