Wells Fargo & Company (NYSE:WFC) Announces Earnings Results

Wells Fargo & Company (NYSE:WFC) issued its earnings results on Friday. The financial services provider reported $1.39 EPS for the quarter, topping the consensus estimate of $1.23 by $0.16, Briefing.com reports. The company had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business’s revenue was down 3.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.20 EPS.

Wells Fargo & Company Trading Down 1.2 %

Shares of WFC stock opened at $62.36 on Friday. The firm’s 50-day simple moving average is $72.83 and its 200-day simple moving average is $70.87. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $81.50. The firm has a market cap of $203.62 billion, a P/E ratio of 11.59, a PEG ratio of 1.18 and a beta of 1.02.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio is currently 29.74%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Royal Bank of Canada raised shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 price objective on the stock in a report on Thursday, March 13th. Keefe, Bruyette & Woods upped their price target 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. Citigroup reduced their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Truist Financial decreased their target price on Wells Fargo & Company from $86.00 to $84.00 and set a “buy” rating on the stock in a research report on Friday, April 4th. Finally, JPMorgan Chase & Co. dropped their price target on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Eight analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $75.66.

Hedge Funds Weigh In On Wells Fargo & Company

A hedge fund recently raised its stake in Wells Fargo & Company stock. Brighton Jones LLC raised its position in Wells Fargo & Company (NYSE:WFC) by 62.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,233 shares of the financial services provider’s stock after purchasing an additional 25,436 shares during the quarter. Brighton Jones LLC’s holdings in Wells Fargo & Company were worth $4,652,000 at the end of the most recent quarter. 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.