Credit Suisse Group Cuts Wells Fargo & Co (NYSE:WFC) Price Target to $54.00

Wells Fargo & Co (NYSE:WFC) had its price target cut by Credit Suisse Group from $55.00 to $54.00 in a research report sent to investors on Thursday morning, BenzingaRatingsTable reports. They currently have a neutral rating on the financial services provider’s stock.

Several other research firms have also recently commented on WFC. ValuEngine raised Wells Fargo & Co from a sell rating to a hold rating in a research note on Tuesday, October 15th. Buckingham Research set a $47.00 price target on Wells Fargo & Co and gave the company a hold rating in a research note on Monday, September 30th. Barclays cut Wells Fargo & Co from an overweight rating to an equal weight rating and set a $59.00 price target on the stock. in a report on Monday, January 6th. Argus upgraded Wells Fargo & Co from a hold rating to a buy rating and set a $60.00 price objective for the company in a research report on Monday, September 30th. Finally, Robert W. Baird lowered Wells Fargo & Co from a neutral rating to an underperform rating and set a $50.00 price objective for the company. in a research report on Thursday, January 2nd. Eight equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $49.88.

Shares of WFC stock opened at $49.18 on Thursday. Wells Fargo & Co has a 1 year low of $43.34 and a 1 year high of $54.75. The company has a current ratio of 0.87, a quick ratio of 0.85 and a debt-to-equity ratio of 1.37. The firm’s 50 day moving average is $53.23 and its 200-day moving average is $50.01. The firm has a market capitalization of $208.30 billion, a price-to-earnings ratio of 11.32, a PEG ratio of 1.11 and a beta of 1.11.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Tuesday, January 14th. The financial services provider reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.17). Wells Fargo & Co had a net margin of 18.81% and a return on equity of 12.11%. The company had revenue of $19.86 billion during the quarter, compared to analyst estimates of $20.11 billion. During the same period in the prior year, the business earned $1.21 EPS. The business’s revenue for the quarter was down 5.4% on a year-over-year basis. On average, equities research analysts forecast that Wells Fargo & Co will post 4.13 earnings per share for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the business. Bath Savings Trust Co increased its position in shares of Wells Fargo & Co by 4.1% during the fourth 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. Glassman Wealth Services lifted its position in Wells Fargo & Co by 1.2% in the 3rd quarter. Glassman Wealth Services now owns 16,922 shares of the financial services provider’s stock valued at $854,000 after acquiring an additional 193 shares in the last quarter. Sky Investment Group LLC lifted its position in Wells Fargo & Co by 3.2% in the 3rd quarter. Sky Investment Group LLC now owns 6,219 shares of the financial services provider’s stock valued at $314,000 after acquiring an additional 195 shares in the last quarter. Norman Fields Gottscho Capital Management LLC lifted its position in Wells Fargo & Co by 2.4% in the 4th 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 in the last quarter. Finally, Cardinal Capital Management boosted its stake in Wells Fargo & Co by 0.3% in the 3rd quarter. Cardinal Capital Management now owns 79,645 shares of the financial services provider’s stock worth $4,017,000 after purchasing an additional 222 shares during the period. 75.64% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Co Company Profile

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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