Wells Fargo & Company (NYSE:WFC) Trading 1% Higher – Here’s What Happened

by · The Cerbat Gem

Wells Fargo & Company (NYSE:WFC) shares were up 1% during mid-day trading on Friday . The stock traded as high as $65.71 and last traded at $64.63. Approximately 18,930,900 shares traded hands during mid-day trading, an increase of 7% from the average daily volume of 17,611,591 shares. The stock had previously closed at $63.98.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Raymond James dropped their price objective on Wells Fargo & Company from $88.00 to $78.00 and set a “strong-buy” rating for the company in a research report on Monday. Barclays lowered their price objective on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research note on Monday. Piper Sandler decreased their price objective on Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating for the company in a report on Monday. Citigroup lowered their target price on shares of Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Finally, Truist Financial dropped their price objective on Wells Fargo & Company from $84.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Wells Fargo & Company currently has an average rating of “Moderate Buy” and an average price target of $75.34.

Read Our Latest Report on Wells Fargo & Company

Wells Fargo & Company Price Performance

The business has a 50 day moving average of $71.53 and a 200 day moving average of $70.98. 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 company has a market cap of $211.02 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02.

Wells Fargo & Company (NYSE:WFC – Get Free Report) last posted its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. During the same quarter in the prior year, the company earned $1.20 earnings per share. The firm’s quarterly revenue was down 3.4% compared to the same quarter last year. As a group, research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.48%. Wells Fargo & Company’s dividend payout ratio is currently 28.73%.

Institutional Trading of Wells Fargo & Company

A number of institutional investors have recently made changes to their positions in the stock. Spinnaker Trust raised its stake in Wells Fargo & Company by 1.8% during the 4th quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider’s stock valued at $520,000 after buying an additional 130 shares during the last quarter. Shakespeare Wealth Management LLC boosted its holdings in shares of Wells Fargo & Company by 0.9% in the fourth quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider’s stock worth $972,000 after buying an additional 130 shares during the last quarter. MONECO Advisors LLC increased its holdings in Wells Fargo & Company by 1.9% during the fourth quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider’s stock valued at $493,000 after buying an additional 134 shares during the last quarter. Safeguard Investment Advisory Group LLC boosted its stake in shares of Wells Fargo & Company by 2.4% during the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider’s stock worth $410,000 after acquiring an additional 137 shares during the last quarter. Finally, Crown Wealth Group LLC increased its stake in shares of Wells Fargo & Company by 2.2% in the 4th quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider’s stock worth $467,000 after purchasing an additional 140 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Company Profile

(Get Free Report)

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.

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