Wells Fargo & Company (NYSE:WFC) Stock Rating Lowered by Morgan Stanley

Wells Fargo & Company (NYSE:WFC) was downgraded by research analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a report released on Monday, MarketBeat reports. They currently have a $90.00 target price on the financial services provider’s stock. Morgan Stanley’s target price would suggest a potential upside of 6.53% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Citigroup lifted their price target on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday, September 23rd. Phillip Securities lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, July 17th. The Goldman Sachs Group decreased 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. Bank of America raised their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, June 4th. Finally, Raymond James Financial downgraded shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 7th. Nine investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $83.15.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock traded down $0.53 during trading on Monday, hitting $84.48. 1,390,187 shares of the company were exchanged, compared to its average volume of 16,738,934. Wells Fargo & Company has a fifty-two week low of $54.40 and a fifty-two week high of $86.65. The firm has a 50 day moving average price of $80.84 and a 200 day moving average price of $75.97. The stock has a market capitalization of $270.64 billion, a price-to-earnings ratio of 14.47, a P/E/G ratio of 1.31 and a beta of 1.25. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC) last announced its 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 analyst estimates of $20.83 billion. During the same quarter last year, the business earned $1.33 earnings per share. Wells Fargo & Company’s revenue was up .6% compared to the same quarter last year. On average, equities analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wells Fargo & Company

A number of hedge funds have recently made changes to their positions in the business. Accretive Wealth Partners LLC acquired a new stake in shares of Wells Fargo & Company in the 1st quarter worth approximately $399,000. Banco Bilbao Vizcaya Argentaria S.A. lifted its position in shares of Wells Fargo & Company by 10.4% in the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider’s stock valued at $54,471,000 after acquiring an additional 71,740 shares in the last quarter. Secured Retirement Advisors LLC acquired a new position in Wells Fargo & Company in the 1st quarter valued at approximately $408,000. RKL Wealth Management LLC increased its stake in Wells Fargo & Company by 166.4% in the 1st quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock valued at $588,000 after buying an additional 5,113 shares during the period. Finally, Allianz SE increased its stake in Wells Fargo & Company by 22.6% in the 1st quarter. Allianz SE now owns 212,335 shares of the financial services provider’s stock valued at $15,244,000 after buying an additional 39,150 shares during the period. Institutional investors own 75.90% of the company’s stock.

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.