Deutsche Bank Trims Wells Fargo & Co (WFC) Target Price to $48.00

Wells Fargo & Co (NYSE:WFC) had its price target dropped by research analysts at Deutsche Bank from $54.00 to $48.00 in a research report issued on Monday, The Fly reports. The brokerage presently has a “hold” rating on the financial services provider’s stock. Deutsche Bank’s target price points to a potential upside of 0.73% from the stock’s current price.

Several other research firms also recently issued reports on WFC. Robert W. Baird reaffirmed a “buy” rating and set a $59.00 price target on shares of Wells Fargo & Co in a research note on Wednesday, January 2nd. Keefe, Bruyette & Woods downgraded shares of Wells Fargo & Co from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $58.00 to $50.00 in a research note on Sunday, March 31st. Zacks Investment Research downgraded shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Monday, December 17th. Bank of America downgraded shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating in a research note on Monday. Finally, Wolfe Research downgraded shares of Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a research note on Tuesday, January 8th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $56.35.

WFC stock opened at $47.65 on Monday. The firm has a market cap of $226.77 billion, a PE ratio of 10.88, a price-to-earnings-growth ratio of 0.85 and a beta of 1.11. Wells Fargo & Co has a 52-week low of $43.02 and a 52-week high of $59.53. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 1.35.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.12. The firm had revenue of $21.61 billion during the quarter, compared to the consensus estimate of $20.89 billion. Wells Fargo & Co had a net margin of 22.59% and a return on equity of 13.37%. During the same quarter last year, the firm earned $0.96 earnings per share. On average, research analysts predict that Wells Fargo & Co will post 4.93 EPS for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of WFC. Berkshire Asset Management LLC PA grew its holdings in Wells Fargo & Co by 0.5% in the first quarter. Berkshire Asset Management LLC PA now owns 466,482 shares of the financial services provider’s stock worth $22,540,000 after purchasing an additional 2,108 shares during the period. Leavell Investment Management Inc. grew its holdings in Wells Fargo & Co by 0.9% in the first quarter. Leavell Investment Management Inc. now owns 60,817 shares of the financial services provider’s stock worth $2,939,000 after purchasing an additional 561 shares during the period. Weatherstone Capital Management grew its holdings in Wells Fargo & Co by 6.7% in the first quarter. Weatherstone Capital Management now owns 5,300 shares of the financial services provider’s stock worth $256,000 after purchasing an additional 333 shares during the period. Spectrum Asset Management Inc. NB CA grew its holdings in Wells Fargo & Co by 5.5% in the first quarter. Spectrum Asset Management Inc. NB CA now owns 67,116 shares of the financial services provider’s stock worth $3,243,000 after purchasing an additional 3,475 shares during the period. Finally, Pratt Collard Advisory Partners LLC grew its holdings in Wells Fargo & Co by 6.9% in the first quarter. Pratt Collard Advisory Partners LLC now owns 29,070 shares of the financial services provider’s stock worth $1,405,000 after purchasing an additional 1,875 shares during the period. Institutional investors own 72.19% 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. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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