Wells Fargo & Company (NYSE:WFC) Issues Quarterly Earnings Results

Wells Fargo & Company (NYSE:WFC) posted its earnings results on Friday. The financial services provider reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.25, reports. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The company had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. During the same quarter last year, the firm earned $1.39 earnings per share. The company’s revenue was down 2.4% on a year-over-year basis.

Wells Fargo & Company Stock Up 5.6 %

Shares of WFC opened at $60.99 on Monday. The stock has a market capitalization of $212.63 billion, a price-to-earnings ratio of 12.52, a PEG ratio of 1.46 and a beta of 1.16. Wells Fargo & Company has a 52 week low of $38.58 and a 52 week high of $62.55. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a fifty day moving average of $55.39 and a 200-day moving average of $57.79.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend was Friday, August 9th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s payout ratio is presently 32.85%.

Hedge Funds Weigh In On Wells Fargo & Company

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Mattson Financial Services LLC bought a new stake in shares of Wells Fargo & Company during the second quarter worth about $25,000. Strategic Investment Solutions Inc. IL bought a new stake in Wells Fargo & Company during the 2nd quarter worth approximately $26,000. Transcendent Capital Group LLC acquired a new position in Wells Fargo & Company in the 4th quarter valued at approximately $32,000. Beaird Harris Wealth Management LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at $34,000. Finally, Valued Wealth Advisors LLC lifted its holdings in shares of Wells Fargo & Company by 53.7% during the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 220 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Jefferies Financial Group lowered shares of Wells Fargo & Company to a “hold” rating and lowered their price target for the stock from $62.00 to $59.00 in a research report on Friday, August 16th. Keefe, Bruyette & Woods lowered their target price on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a report on Monday, July 15th. Wolfe Research upgraded Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target for the company in a research note on Tuesday, October 8th. Morgan Stanley lowered their price objective on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating on the stock in a research note on Monday, September 30th. Finally, The Goldman Sachs Group cut their target price on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Twelve research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Hold” and a consensus price target of $61.07.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.