Wells Fargo & Company (NYSE:WFC) Releases Quarterly Earnings Results, Beats Estimates By $0.16 EPS

Wells Fargo & Company (NYSE:WFC) posted 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 firm had revenue of $20.15 billion during the quarter, compared to analysts’ expectations of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company’s quarterly revenue was down 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.20 EPS.

Wells Fargo & Company Price Performance

WFC stock opened at $63.01 on Friday. The firm has a 50-day moving average of $73.17 and a two-hundred day moving average of $70.81. The firm has a market capitalization of $205.73 billion, a PE ratio of 11.71, a P/E/G ratio of 1.18 and a beta of 1.02. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a one year low of $50.15 and a one year high of $81.50.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders 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 yield of 2.54%. Wells Fargo & Company’s payout ratio is presently 29.74%.

Wall Street Analysts Forecast Growth

WFC has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. decreased their price objective on Wells Fargo & Company from $82.00 to $73.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Bank of America lowered their price target on Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. Piper Sandler raised shares of Wells Fargo & Company from a “neutral” rating to an “overweight” rating and set a $77.00 price objective for the company in a report on Tuesday. Royal Bank of Canada raised shares of Wells Fargo & Company from a “sector perform” rating to an “outperform” rating and set a $80.00 target price on the stock in a research note on Thursday, March 13th. Finally, Morgan Stanley upped their price target on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the stock an “overweight” rating in a research note on Monday. Eight equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $75.66.

Institutional Investors Weigh In On Wells Fargo & Company

A hedge fund recently raised its stake in Wells Fargo & Company stock. Brighton Jones LLC grew its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 62.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 66,233 shares of the financial services provider’s stock after buying an additional 25,436 shares during the period. Brighton Jones LLC’s holdings in Wells Fargo & Company were worth $4,652,000 as of its most recent filing with the SEC. 75.90% of the stock is currently owned by institutional investors and hedge funds.

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.