Citigroup Lowers Wells Fargo & Company (NYSE:WFC) Price Target to $78.00

Wells Fargo & Company (NYSE:WFC) had its price target dropped by stock analysts at Citigroup from $82.00 to $78.00 in a note issued to investors on Monday,Benzinga reports. The firm presently 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 company’s previous close.

A number of other equities analysts have also recently commented on the company. The Goldman Sachs Group lifted their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Piper Sandler upped their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. UBS Group increased their price target on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Keefe, Bruyette & Woods boosted their price objective on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research report on Thursday, January 16th. Finally, Compass Point raised their target price on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Ten analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $74.18.

Wells Fargo & Company Price Performance

Shares of WFC stock traded up $1.46 during trading hours 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. The company has a market capitalization of $243.26 billion, a PE ratio of 13.75, a PEG ratio of 1.18 and a beta of 1.16. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The business’s 50 day simple moving average is $75.95 and its 200-day simple moving average is $69.50.

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, topping the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. During the same period in the previous year, the firm posted $0.86 earnings per share. The firm’s revenue for the quarter was down .5% on a year-over-year basis. On average, equities research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Rialto Wealth Management LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at $26,000. Investment Counsel Co. of Nevada bought a new stake in Wells Fargo & Company during the 4th quarter valued at about $28,000. BNP Paribas purchased a new position in Wells Fargo & Company in the fourth quarter worth about $28,000. Rakuten Securities Inc. lifted its stake in shares of Wells Fargo & Company by 126.7% in the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after buying an additional 237 shares in the last quarter. Finally, Modus Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $30,000. 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.