Wells Fargo & Company (NYSE:WFC) Trading 0.1% Higher – Here’s What Happened

Wells Fargo & Company (NYSE:WFC) shot up 0.1% on Wednesday . The company traded as high as $64.90 and last traded at $64.62. 3,388,586 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 17,573,469 shares. The stock had previously closed at $64.54.

Wall Street Analyst Weigh In

Several analysts recently issued reports on WFC shares. Morgan Stanley lifted their target price on Wells Fargo & Company from $79.00 to $80.00 and gave the company an “overweight” rating in a research note on Monday, April 7th. Keefe, Bruyette & Woods boosted their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a research report on Thursday, January 16th. Bank of America cut their price target on Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating for the company in a report on Wednesday, April 2nd. Royal Bank of Canada raised 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. Finally, Piper Sandler lowered their target price on Wells Fargo & Company from $77.00 to $75.00 and set an “overweight” rating for the company in a research report on Monday. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average price target of $75.34.

Wells Fargo & Company Stock Down 1.3 %

The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The company has a 50-day simple moving average of $72.15 and a 200 day simple moving average of $70.97. The company has a market cap of $208.02 billion, a P/E ratio of 11.84, a P/E/G ratio of 1.18 and a beta of 1.02.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping the consensus estimate of $1.23 by $0.16. The company had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm’s revenue was down 3.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.20 EPS. On average, equities analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.51%. Wells Fargo & Company’s payout ratio is 28.73%.

Institutional Investors Weigh In On Wells Fargo & Company

Institutional investors and hedge funds have recently bought and sold shares of the company. Rialto Wealth Management LLC bought a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $26,000. Investment Counsel Co. of Nevada purchased a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $28,000. BNP Paribas bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at approximately $28,000. Modus Advisors LLC purchased a new position in Wells Fargo & Company during the fourth quarter valued at approximately $30,000. Finally, McClarren Financial Advisors Inc. bought a new position in Wells Fargo & Company in the fourth quarter worth approximately $30,000. 75.90% of the stock is owned by institutional investors.

About Wells Fargo & Company

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.