Wells Fargo & Company (NYSE:WFC) Shares Up 0.6% – Here’s What Happened

Wells Fargo & Company (NYSE:WFC) shares rose 0.6% during mid-day trading on Wednesday . The company traded as high as $75.38 and last traded at $74.72. Approximately 1,827,574 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 16,334,933 shares. The stock had previously closed at $74.24.

Wall Street Analyst Weigh In

WFC has been the subject of a number of research analyst reports. Citigroup decreased their target price on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday. Barclays upped their price target on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Keefe, Bruyette & Woods lifted their price objective on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a report on Thursday, January 16th. UBS Group raised their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Finally, Truist Financial upped their target price on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Ten investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $74.18.

Wells Fargo & Company Price Performance

The stock has a market cap of $230.87 billion, a PE ratio of 13.14, a P/E/G ratio of 1.18 and a beta of 1.16. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The firm’s 50 day moving average price is $75.97 and its two-hundred day moving average price is $69.80.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business had revenue of $20.38 billion for the quarter, compared to analysts’ expectations of $20.58 billion. During the same quarter in the prior year, the firm earned $0.86 earnings per share. The firm’s revenue was down .5% on a year-over-year basis. On average, research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were issued a dividend of $0.40 per share. The ex-dividend date was Friday, February 7th. This represents a $1.60 annualized dividend and a dividend yield of 2.26%. Wells Fargo & Company’s payout ratio is 29.74%.

Institutional Investors Weigh In On Wells Fargo & Company

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CWC Advisors LLC. boosted its stake in Wells Fargo & Company by 2.2% during the fourth quarter. CWC Advisors LLC. now owns 16,796 shares of the financial services provider’s stock valued at $1,180,000 after buying an additional 365 shares during the last quarter. 111 Capital purchased a new stake in shares of Wells Fargo & Company during the fourth quarter valued at $776,000. NorthCrest Asset Manangement LLC grew its stake in Wells Fargo & Company by 1.2% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 176,604 shares of the financial services provider’s stock worth $12,405,000 after acquiring an additional 2,129 shares in the last quarter. Northstar Financial Companies Inc. bought a new stake in Wells Fargo & Company during the 4th quarter valued at $638,000. Finally, Wood Tarver Financial Group LLC bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at about $514,000. Hedge funds and other 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.