The Goldman Sachs Group Has Lowered Expectations for Wells Fargo & Company (NYSE:WFC) Stock Price

Wells Fargo & Company (NYSE:WFC) had its price target decreased by stock analysts at The Goldman Sachs Group from $92.00 to $91.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. The Goldman Sachs Group’s target price points to a potential upside of 15.23% from the company’s previous close.

WFC has been the topic of a number of other research reports. JPMorgan Chase & Co. dropped their price objective on shares of Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. Bank of America increased their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, June 4th. Morgan Stanley increased their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an “overweight” rating in a report on Wednesday, June 4th. Truist Financial increased their price objective on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the stock a “buy” rating in a report on Wednesday, July 9th. Finally, Evercore ISI reaffirmed an “outperform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Seven analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus target price of $80.39.

Wells Fargo & Company Price Performance

Shares of WFC stock opened at $78.97 on Wednesday. The company has a market capitalization of $256.99 billion, a PE ratio of 14.18, a price-to-earnings-growth ratio of 1.41 and a beta of 1.16. The firm has a fifty day simple moving average of $76.72 and a 200-day simple moving average of $74.01. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $83.95.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.60 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.19. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The firm had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. During the same period in the prior year, the firm posted $1.33 EPS. The firm’s revenue was up .6% compared to the same quarter last year. Equities research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, April 29th that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Wells Fargo & Company

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CBIZ Investment Advisory Services LLC raised its position in shares of Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 322 shares during the period. Investment Counsel Co. of Nevada acquired a new stake in shares of Wells Fargo & Company in the fourth quarter worth $28,000. BNP Paribas acquired a new stake in shares of Wells Fargo & Company in the fourth quarter worth $28,000. Motco grew its stake in shares of Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 326 shares during the last quarter. Finally, Accent Capital Management LLC acquired a new stake in shares of Wells Fargo & Company in the first quarter worth $29,000. 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.