Wells Fargo & Company (NYSE:WFC) Price Target Lowered to $67.00 at Morgan Stanley

Wells Fargo & Company (NYSE:WFC) had its price objective decreased by research analysts at Morgan Stanley from $68.00 to $67.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s target price would suggest a potential upside of 19.30% from the company’s previous close.

Several other brokerages have also recently commented on WFC. The Goldman Sachs Group lowered their target price on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a research note on Tuesday, September 3rd. Jefferies Financial Group cut shares of Wells Fargo & Company to a “hold” rating and decreased their price objective for the company from $62.00 to $59.00 in a research note on Friday, August 16th. Evercore ISI cut their price target on shares of Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating on the stock in a report on Friday, September 6th. Finally, BMO Capital Markets raised their target price on Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research report on Thursday, July 11th. Twelve investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $60.24.

Wells Fargo & Company Stock Performance

NYSE:WFC traded up $0.26 during mid-day trading on Monday, hitting $56.16. The stock had a trading volume of 3,893,317 shares, compared to its average volume of 18,096,711. Wells Fargo & Company has a twelve month low of $38.38 and a twelve month high of $62.55. The stock has a market cap of $195.79 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 1.32 and a beta of 1.16. The company’s 50 day simple moving average is $55.74 and its 200 day simple moving average is $57.81. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.04. The firm had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $20.29 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The business’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period last year, the business posted $1.25 earnings per share. On average, equities research analysts forecast that Wells Fargo & Company will post 5.14 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. John W. Brooker & Co. CPAs raised its position in shares of Wells Fargo & Company by 2.5% during the 2nd quarter. John W. Brooker & Co. CPAs now owns 7,075 shares of the financial services provider’s stock valued at $420,000 after buying an additional 171 shares in the last quarter. McAdam LLC raised its position in shares of Wells Fargo & Company by 3.3% during the 2nd quarter. McAdam LLC now owns 5,609 shares of the financial services provider’s stock valued at $333,000 after buying an additional 178 shares in the last quarter. Prentice Wealth Management LLC raised its position in shares of Wells Fargo & Company by 2.0% during the 2nd quarter. Prentice Wealth Management LLC now owns 9,426 shares of the financial services provider’s stock valued at $560,000 after buying an additional 184 shares in the last quarter. Clearstead Trust LLC raised its position in shares of Wells Fargo & Company by 13.0% during the 1st quarter. Clearstead Trust LLC now owns 1,617 shares of the financial services provider’s stock valued at $94,000 after buying an additional 186 shares in the last quarter. Finally, Fortitude Family Office LLC raised its position in Wells Fargo & Company by 3.4% in the 2nd quarter. Fortitude Family Office LLC now owns 5,897 shares of the financial services provider’s stock worth $350,000 after purchasing an additional 193 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.