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

Wells Fargo & Company (NYSE:WFC) issued its earnings results on Tuesday. The financial services provider reported $1.60 EPS for the quarter, topping the consensus estimate of $1.41 by $0.19, Briefing.com reports. Wells Fargo & Company had a return on equity of 12.15% and a net margin of 16.19%. The business had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. During the same quarter last year, the company earned $1.33 EPS. The firm’s revenue was up .6% compared to the same quarter last year.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock opened at $83.47 on Tuesday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84. The business’s 50 day simple moving average is $76.61 and its two-hundred day simple moving average is $73.97. The stock has a market capitalization of $271.62 billion, a P/E ratio of 14.99, a price-to-earnings-growth ratio of 1.39 and a beta of 1.16. Wells Fargo & Company has a one year low of $50.15 and a one year high of $83.95.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 1.92%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 28.73%.

Hedge Funds 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 4th quarter, according to its most recent Form 13F filing with the SEC. The firm 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 SEC filing. Institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, April 14th. Bank of America lifted their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, June 4th. The Goldman Sachs Group reiterated a “buy” rating and set a $86.00 price target on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Barclays dropped their price target on Wells Fargo & Company from $92.00 to $87.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Finally, Morgan Stanley lifted their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research report on Wednesday, June 4th. Seven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $80.13.

Wells Fargo & Company declared that its Board of Directors has approved a share buyback program on Tuesday, April 29th that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.