Wells Fargo & Company (NYSE:WFC) Rating Lowered to “Sell” at Wall Street Zen

Wells Fargo & Company (NYSE:WFC) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.

Other analysts also recently issued reports about the stock. The Goldman Sachs Group lowered their price target on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a report on Wednesday, July 16th. Phillip Securities downgraded shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, July 17th. Piper Sandler reaffirmed an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Bank of America increased their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, June 4th. Finally, Morgan Stanley increased their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a report on Wednesday, June 4th. Ten investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $82.97.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $85.01 on Friday. The company’s fifty day moving average price is $80.84 and its 200 day moving average price is $75.91. Wells Fargo & Company has a 1 year low of $54.40 and a 1 year high of $86.65. The company has a market capitalization of $272.32 billion, a PE ratio of 14.56, a price-to-earnings-growth ratio of 1.31 and a beta of 1.25. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. 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 earnings per share. The firm’s quarterly revenue was up .6% compared to the same quarter last year. On average, research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Institutional Investors Weigh In On Wells Fargo & Company

Hedge funds have recently modified their holdings of the business. Access Investment Management LLC acquired a new stake in Wells Fargo & Company during the second quarter worth about $25,000. McElhenny Sheffield Capital Management LLC acquired a new stake in Wells Fargo & Company during the second quarter worth about $27,000. CBIZ Investment Advisory Services LLC increased its position in Wells Fargo & Company by 585.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 322 shares during the last quarter. Kilter Group LLC acquired a new stake in Wells Fargo & Company during the second quarter worth about $31,000. Finally, Accent Capital Management LLC acquired a new stake in Wells Fargo & Company during the first quarter worth about $29,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

About Wells Fargo & Company

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.