Wells Fargo & Company (NYSE:WFC) Declares Dividend Increase – $0.50 Per Share

Wells Fargo & Company (NYSE:WFC) announced a quarterly dividend on Tuesday, July 28th. Investors of record on Friday, August 7th will be given a dividend of 0.50 per share by the financial services provider on Tuesday, September 1st. This represents a c) annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, August 7th. This is a 11.1% increase from Wells Fargo & Company’s previous quarterly dividend of $0.45.

Wells Fargo & Company has increased its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 4 consecutive years. Wells Fargo & Company has a dividend payout ratio of 27.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Wells Fargo & Company to earn $7.92 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 22.7%.

Wells Fargo & Company Stock Down 0.7%

Shares of WFC opened at $86.24 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. The business has a fifty day moving average of $83.22 and a 200 day moving average of $83.30. The company has a market cap of $263.91 billion, a PE ratio of 12.58, a P/E/G ratio of 0.95 and a beta of 0.92. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on WFC shares. Piper Sandler restated an “overweight” rating and issued a $94.00 target price (down from $100.00) on shares of Wells Fargo & Company in a report on Wednesday, April 15th. Truist Financial raised their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Robert W. Baird boosted their target price on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. KGI Securities cut Wells Fargo & Company to a “hold” rating in a research note on Thursday, April 16th. Finally, Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $98.50.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.