Citigroup Trims Wells Fargo & Co (NYSE:WFC) Target Price to $37.00

Wells Fargo & Co (NYSE:WFC) had its price objective cut by analysts at Citigroup from $43.00 to $37.00 in a research note issued on Friday, BenzingaRatingsTable reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Citigroup‘s target price indicates a potential upside of 22.19% from the company’s current price.

A number of other research analysts have also recently issued reports on the stock. Raymond James cut shares of Wells Fargo & Co from a “market perform” rating to an “underperform” rating in a report on Monday, December 2nd. Odeon Capital Group raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Thursday. Berenberg Bank raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating and set a $26.00 price objective for the company in a report on Thursday. Piper Sandler cut shares of Wells Fargo & Co from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $60.00 to $52.00 in a research report on Wednesday, January 15th. Finally, Cfra raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating and reduced their target price for the stock from $48.00 to $42.00 in a research note on Wednesday, March 4th. Four equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $46.07.

NYSE:WFC traded down $0.62 during trading hours on Friday, hitting $30.28. 38,928,099 shares of the company traded hands, compared to its average volume of 53,320,364. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 1.37. The company has a market cap of $120.80 billion, a PE ratio of 7.53, a PEG ratio of 0.72 and a beta of 1.14. The firm’s 50-day simple moving average is $39.28 and its 200-day simple moving average is $48.31. Wells Fargo & Co has a one year low of $25.10 and a one year high of $54.75.

Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Tuesday, January 14th. The financial services provider reported $0.93 EPS for the quarter, missing the consensus estimate of $1.10 by ($0.17). The firm had revenue of $19.86 billion during the quarter, compared to analysts’ expectations of $20.11 billion. Wells Fargo & Co had a return on equity of 12.11% and a net margin of 18.81%. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.21 earnings per share. As a group, equities research analysts expect that Wells Fargo & Co will post 3.75 EPS for the current year.

In other Wells Fargo & Co news, CEO Charles W. Scharf bought 173,000 shares of the company’s stock in a transaction dated Friday, March 13th. The shares were acquired at an average cost of $28.69 per share, with a total value of $4,963,370.00. Following the completion of the transaction, the chief executive officer now owns 176,916 shares in the company, valued at $5,075,720.04. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Charles H. Noski purchased 20,000 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The stock was acquired at an average price of $29.53 per share, for a total transaction of $590,600.00. Following the purchase, the director now owns 74 shares of the company’s stock, valued at approximately $2,185.22. The disclosure for this purchase can be found here. Corporate insiders own 0.09% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of WFC. Bath Savings Trust Co boosted its holdings in shares of Wells Fargo & Co by 4.1% in the 4th quarter. Bath Savings Trust Co now owns 4,783 shares of the financial services provider’s stock worth $258,000 after acquiring an additional 190 shares in the last quarter. Norman Fields Gottscho Capital Management LLC lifted its holdings in Wells Fargo & Co by 2.4% in the fourth quarter. Norman Fields Gottscho Capital Management LLC now owns 8,480 shares of the financial services provider’s stock valued at $456,000 after acquiring an additional 200 shares during the period. Financial Advisory Group boosted its position in Wells Fargo & Co by 3.9% in the fourth quarter. Financial Advisory Group now owns 5,685 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 213 shares during the last quarter. LVW Advisors LLC boosted its position in Wells Fargo & Co by 0.3% in the fourth quarter. LVW Advisors LLC now owns 76,402 shares of the financial services provider’s stock worth $4,110,000 after purchasing an additional 229 shares during the last quarter. Finally, Omnia Family Wealth LLC boosted its position in Wells Fargo & Co by 3.2% in the fourth quarter. Omnia Family Wealth LLC now owns 7,417 shares of the financial services provider’s stock worth $399,000 after purchasing an additional 230 shares during the last quarter. 76.50% of the stock is owned by hedge funds and other institutional investors.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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