Truist Financial Cuts Wells Fargo & Company (NYSE:WFC) Price Target to $73.00

Wells Fargo & Company (NYSE:WFC) had its price target reduced by Truist Financial from $84.00 to $73.00 in a research note released on Monday,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Several other research firms have also recently issued reports on WFC. Piper Sandler cut their target price on Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating for the company in a research note on Monday. Keefe, Bruyette & Woods raised their target price on shares of Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a report on Thursday, January 16th. Citigroup lowered their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Bank of America lowered their price target on Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Finally, Royal Bank of Canada raised Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price for the company in a report on Thursday, March 13th. Six research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company currently has an average rating of “Moderate Buy” and an average price target of $75.34.

Wells Fargo & Company Price Performance

NYSE:WFC opened at $63.98 on Monday. The firm’s fifty day moving average is $71.82 and its two-hundred day moving average is $70.93. The firm has a market cap of $208.90 billion, a price-to-earnings ratio of 11.89, a PEG ratio of 1.18 and a beta of 1.02. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. During the same period in the prior year, the firm posted $1.20 earnings per share. The firm’s quarterly revenue was down 3.4% compared to the same quarter last year. Research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 28.73%.

Institutional Investors Weigh In On Wells Fargo & Company

Several hedge funds have recently modified their holdings of WFC. Rialto Wealth Management LLC acquired a new stake in Wells Fargo & Company during the 4th quarter valued at $26,000. Investment Counsel Co. of Nevada acquired a new position in Wells Fargo & Company during the fourth quarter valued at $28,000. BNP Paribas acquired a new position in Wells Fargo & Company during the fourth quarter valued at $28,000. Modus Advisors LLC purchased a new stake in Wells Fargo & Company in the 4th quarter worth about $30,000. Finally, McClarren Financial Advisors Inc. acquired a new stake in Wells Fargo & Company during the 4th quarter worth about $30,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

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.