Wells Fargo & Co (WFC) Rating Lowered to Neutral at Goldman Sachs Group

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Goldman Sachs Group downgraded shares of Wells Fargo & Co (NYSE:WFC) from a buy rating to a neutral rating in a research note published on Friday morning, BenzingaRatingsTable reports. The brokerage currently has $48.00 target price on the financial services provider’s stock, down from their previous target price of $58.00.

A number of other brokerages have also commented on WFC. Robert W. Baird reissued a buy rating and set a $59.00 price objective on shares of Wells Fargo & Co in a report on Wednesday, January 2nd. Keefe, Bruyette & Woods lowered shares of Wells Fargo & Co from an outperform rating to a market perform rating and decreased their price objective for the stock from $58.00 to $50.00 in a report on Sunday, March 31st. Zacks Investment Research lowered shares of Wells Fargo & Co from a hold rating to a sell rating in a report on Monday, December 17th. Deutsche Bank lowered shares of Wells Fargo & Co from a buy rating to a hold rating and decreased their price objective for the stock from $56.00 to $54.00 in a report on Friday, March 29th. Finally, Wolfe Research lowered shares of Wells Fargo & Co from an outperform rating to a market perform rating in a report on Tuesday, January 8th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the stock. Wells Fargo & Co currently has an average rating of Hold and an average target price of $56.45.

Shares of NYSE:WFC opened at $46.77 on Friday. Wells Fargo & Co has a 12 month low of $43.02 and a 12 month high of $59.53. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.87 and a current ratio of 0.88. The stock has a market cap of $232.86 billion, a price-to-earnings ratio of 10.68, a P/E/G ratio of 0.87 and a beta of 1.11.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. Wells Fargo & Co had a net margin of 22.95% and a return on equity of 13.34%. The firm had revenue of $21.61 billion for the quarter, compared to analyst estimates of $20.89 billion. During the same quarter in the prior year, the firm earned $0.96 EPS. Analysts expect that Wells Fargo & Co will post 4.93 earnings per share for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the business. Telos Capital Management Inc. raised its position in shares of Wells Fargo & Co by 4.2% in the 4th quarter. Telos Capital Management Inc. now owns 5,390 shares of the financial services provider’s stock valued at $248,000 after acquiring an additional 216 shares during the period. Jackson Grant Investment Advisers Inc. raised its holdings in Wells Fargo & Co by 3.6% during the 4th quarter. Jackson Grant Investment Advisers Inc. now owns 6,600 shares of the financial services provider’s stock worth $304,000 after buying an additional 229 shares during the period. Augustine Asset Management Inc. raised its holdings in Wells Fargo & Co by 1.6% during the 1st quarter. Augustine Asset Management Inc. now owns 15,182 shares of the financial services provider’s stock worth $733,000 after buying an additional 241 shares during the period. Massey Quick Simon & CO. LLC raised its holdings in Wells Fargo & Co by 8.0% during the 4th quarter. Massey Quick Simon & CO. LLC now owns 3,354 shares of the financial services provider’s stock worth $155,000 after buying an additional 249 shares during the period. Finally, Bray Capital Advisors raised its holdings in Wells Fargo & Co by 2.7% during the 4th quarter. Bray Capital Advisors now owns 9,935 shares of the financial services provider’s stock worth $458,000 after buying an additional 257 shares during the period. Institutional investors own 72.22% of the company’s stock.

Wells Fargo & Co Company Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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Analyst Recommendations for Wells Fargo & Co (NYSE:WFC)

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