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

Wells Fargo & Company (NYSE:WFC) had its price target lowered by equities researchers at Raymond James from $88.00 to $78.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “strong-buy” rating on the financial services provider’s stock. Raymond James’ target price suggests a potential upside of 24.20% from the company’s current price.

WFC has been the topic of several other reports. Bank of America decreased 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 note on Wednesday, April 2nd. JPMorgan Chase & Co. decreased their target price on shares of 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. 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 target for the company in a research report on Thursday, March 13th. Piper Sandler decreased their price objective on Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating on the stock in a report on Monday. Finally, Keefe, Bruyette & Woods increased their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a report on Thursday, January 16th. Eight investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Wells Fargo & Company currently has an average rating of “Moderate Buy” and a consensus price target of $75.13.

Wells Fargo & Company Price Performance

Shares of NYSE WFC traded up $0.29 during mid-day trading on Monday, reaching $62.80. 8,493,422 shares of the company were exchanged, compared to its average volume of 17,562,965. The stock has a market capitalization of $205.05 billion, a PE ratio of 11.67, a PEG ratio of 1.18 and a beta of 1.02. 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 has a 52 week low of $50.15 and a 52 week high of $81.50. The company’s 50 day moving average price is $72.83 and its 200 day moving average price is $70.97.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results 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 analyst estimates of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company’s revenue was down 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.20 earnings per share. Sell-side analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wynn Capital LLC raised its holdings in Wells Fargo & Company by 28.8% in the first quarter. Wynn Capital LLC now owns 54,736 shares of the financial services provider’s stock worth $3,929,000 after purchasing an additional 12,245 shares in the last quarter. Griffith & Werner Inc. grew its position in shares of Wells Fargo & Company by 6.2% in the 1st quarter. Griffith & Werner Inc. now owns 35,958 shares of the financial services provider’s stock worth $2,581,000 after buying an additional 2,111 shares during the period. Miracle Mile Advisors LLC lifted its position in Wells Fargo & Company by 0.8% during the 1st quarter. Miracle Mile Advisors LLC now owns 35,455 shares of the financial services provider’s stock valued at $2,545,000 after acquiring an additional 289 shares during the period. Patriot Financial Group Insurance Agency LLC boosted its stake in Wells Fargo & Company by 5.0% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 58,689 shares of the financial services provider’s stock worth $4,213,000 after acquiring an additional 2,817 shares in the last quarter. Finally, Revolve Wealth Partners LLC boosted its stake in Wells Fargo & Company by 8.2% during the first quarter. Revolve Wealth Partners LLC now owns 4,751 shares of the financial services provider’s stock worth $341,000 after acquiring an additional 361 shares in the last quarter. Hedge funds and other 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.