Wells Fargo & Co (NYSE:WFC) Rating Lowered to Underperform at Royal Bank of Canada

Wells Fargo & Co (NYSE:WFC) was downgraded by equities researchers at Royal Bank of Canada from a “sector perform” rating to an “underperform” rating in a research report issued to clients and investors on Thursday, BenzingaRatingsTable reports. They currently have a $42.00 target price on the financial services provider’s stock, down from their previous target price of $48.00. Royal Bank of Canada’s price objective would suggest a potential downside of 13.92% from the stock’s previous close.

A number of other brokerages have also recently commented on WFC. Barclays cut Wells Fargo & Co from an “overweight” rating to an “equal weight” rating and set a $59.00 target price for the company. in a report on Monday, January 6th. Citigroup boosted their price target on shares of Wells Fargo & Co from $48.00 to $58.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Buckingham Research set a $47.00 price target on shares of Wells Fargo & Co and gave the stock a “hold” rating in a research report on Monday, September 30th. Morgan Stanley lowered their price objective on shares of Wells Fargo & Co from $56.00 to $51.00 and set an “equal weight” rating for the company in a research note on Wednesday. Finally, Piper Sandler cut shares of Wells Fargo & Co from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $60.00 to $52.00 in a report on Wednesday. Eight research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $49.88.

NYSE WFC traded up $0.47 on Thursday, reaching $48.79. The stock had a trading volume of 628,350 shares, compared to its average volume of 18,172,232. 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 stock has a fifty day moving average price of $53.43 and a two-hundred day moving average price of $49.99. Wells Fargo & Co has a 12-month low of $43.34 and a 12-month high of $54.75. The firm has a market capitalization of $208.51 billion, a price-to-earnings ratio of 11.12, a P/E/G ratio of 1.07 and a beta of 1.11.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Tuesday, January 14th. The financial services provider reported $0.93 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.10 by ($0.17). The firm had revenue of $19.86 billion during the quarter, compared to analyst estimates of $20.11 billion. Wells Fargo & Co had a net margin of 18.81% and a return on equity of 12.11%. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.21 earnings per share. Sell-side analysts forecast that Wells Fargo & Co will post 4.29 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of WFC. Horan Capital Advisors LLC. acquired a new stake in Wells Fargo & Co in the third quarter valued at $25,000. NuWave Investment Management LLC raised its stake in Wells Fargo & Co by 122.3% in the third quarter. NuWave Investment Management LLC now owns 798 shares of the financial services provider’s stock valued at $39,000 after buying an additional 439 shares in the last quarter. MV Capital Management Inc. raised its stake in Wells Fargo & Co by 49.3% in the third quarter. MV Capital Management Inc. now owns 803 shares of the financial services provider’s stock valued at $41,000 after buying an additional 265 shares in the last quarter. Venturi Wealth Management LLC acquired a new stake in Wells Fargo & Co in the third quarter valued at $42,000. Finally, Bourgeon Capital Management LLC acquired a new stake in Wells Fargo & Co in the third quarter valued at $47,000. Institutional investors own 75.64% of the company’s stock.

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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Analyst Recommendations for Wells Fargo & Co (NYSE:WFC)

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