Wells Fargo & Company (NYSE:WFC) Given New $91.50 Price Target at JPMorgan Chase & Co.

Wells Fargo & Company (NYSE:WFC) had its target price decreased by research analysts at JPMorgan Chase & Co. from $95.50 to $91.50 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 14.01% from the company’s previous close.

A number of other research firms also recently weighed in on WFC. Raymond James Financial reaffirmed a “market perform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. HSBC started coverage on shares of Wells Fargo & Company in a research note on Monday. They set a “buy” rating and a $108.00 target price for the company. Bank of America upped their price objective on Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a research report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $99.69.

Wells Fargo & Company Stock Up 0.0%

Shares of NYSE WFC traded up $0.01 during mid-day trading on Friday, reaching $80.26. 3,154,141 shares of the company’s stock were exchanged, compared to its average volume of 15,978,388. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $242.70 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 0.86 and a beta of 0.96. The business has a fifty day simple moving average of $86.37 and a 200 day simple moving average of $83.01. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.23. The company had revenue of $22.62 billion during the quarter, compared to analysts’ expectations of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.60 earnings per share. As a group, equities analysts expect that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Institutional Trading of Wells Fargo & Company

Hedge funds have recently added to or reduced their stakes in the stock. Capital Research Global Investors increased its holdings in shares of Wells Fargo & Company by 4.9% during the fourth quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider’s stock worth $3,487,687,000 after buying an additional 1,760,484 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Wells Fargo & Company by 13.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider’s stock valued at $1,922,257,000 after acquiring an additional 2,369,260 shares during the last quarter. Legal & General Group Plc acquired a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at $1,635,881,000. Bank of New York Mellon Corp bought a new stake in Wells Fargo & Company during the 2nd quarter worth $1,364,923,000. Finally, Amundi grew its position in Wells Fargo & Company by 73.0% during the 1st quarter. Amundi now owns 16,463,550 shares of the financial services provider’s stock worth $1,310,663,000 after acquiring an additional 6,944,316 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Company Profile

Wells Fargo & Company (NYSE: WFC) is a diversified financial services company that provides banking, lending, investment, and wealth management services to individuals, businesses, institutions, and government entities. Its offerings include checking and savings accounts, credit cards, personal and commercial loans, mortgages, payment services, and other deposit and credit products.

The company also provides investment banking, capital markets, brokerage, advisory, asset management, and retirement services through its corporate and investment banking and wealth and investment management businesses.