Wells Fargo & Company (NYSE:WFC) Cut to Sell at Wall Street Zen

Wells Fargo & Company (NYSE:WFC) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

WFC has been the subject of several other reports. HSBC raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $94.00 price target for the company in a report on Wednesday, April 1st. Robert W. Baird raised Wells Fargo & Company from an “underperform” rating to a “neutral” rating and set a $85.00 price target for the company in a report on Friday, February 13th. Barclays dropped their price target on Wells Fargo & Company from $113.00 to $108.00 and set an “overweight” rating for the company in a report on Wednesday, April 15th. Evercore reissued an “outperform” rating on shares of Wells Fargo & Company in a report on Friday, March 6th. Finally, KGI Securities cut Wells Fargo & Company to a “hold” rating in a report on Thursday, April 16th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $97.53.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $82.06 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.12. Wells Fargo & Company has a 12 month low of $71.93 and a 12 month high of $97.76. The stock has a 50 day moving average of $79.20 and a 200-day moving average of $84.70. The company has a market capitalization of $251.13 billion, a P/E ratio of 12.66, a P/E/G ratio of 0.96 and a beta of 0.93.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, topping the consensus estimate of $1.58 by $0.02. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The company had revenue of $11.62 billion during the quarter, compared to the consensus estimate of $21.85 billion. During the same period in the previous year, the company posted $1.39 EPS. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. As a group, equities research analysts predict that Wells Fargo & Company will post 6.84 EPS for the current year.

Hedge Funds Weigh In On Wells Fargo & Company

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Godfrey Financial Associates Inc. acquired a new position in Wells Fargo & Company in the 4th quarter valued at $25,000. Miller Capital Partners Inc. acquired a new position in Wells Fargo & Company in the 4th quarter valued at $25,000. Navalign LLC acquired a new position in Wells Fargo & Company in the 4th quarter valued at $26,000. Redmont Wealth Advisors LLC acquired a new position in Wells Fargo & Company in the 3rd quarter valued at $27,000. Finally, Joseph Group Capital Management acquired a new position in Wells Fargo & Company in the 4th quarter valued at $28,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Analysts remain constructive on Wells Fargo after management offered a strong outlook, with coverage showing a majority Buy rating and implied upside to the shares. Street Bullish on Wells Fargo & Company (WFC) After CEO Offered Strong Outlook
• Positive Sentiment: Wells Fargo is also part of a planned shared tokenized deposit network led by The Clearing House, suggesting the bank is positioning itself for faster, blockchain-based payments and a new growth avenue. Big Banks Launch Tokenized Deposit Network to Fight Off Stablecoin Threat
• Neutral Sentiment: Coverage noting that Wells Fargo is a trending stock points to heightened investor attention, but it does not add new fundamentals by itself. Is Trending Stock Wells Fargo & Company (WFC) a Buy Now?
• Neutral Sentiment: Wells Fargo’s role in the tokenized-deposit network was reiterated in separate reports, reinforcing the strategic theme rather than signaling an immediate financial impact. Tokenized Deposits Set Up Banking’s Next Network Race

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.