Wells Fargo & Company (NYSE:WFC) Hits New 1-Year High Following Dividend Announcement

Wells Fargo & Company (NYSE:WFC)’s share price reached a new 52-week high during trading on Tuesday following a dividend announcement from the company. The stock traded as high as $78.36 and last traded at $78.07, with a volume of 77232 shares traded. The stock had previously closed at $77.94.

The newly announced dividend which will be paid on Saturday, March 1st. Shareholders of record on Friday, February 7th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend is Friday, February 7th. Wells Fargo & Company’s payout ratio is 29.74%.

Analysts Set New Price Targets

Several research firms have recently issued reports on WFC. Compass Point lifted their price target on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Wolfe Research upgraded Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price objective for the company in a research report on Tuesday, October 8th. Royal Bank of Canada reiterated a “sector perform” rating and set a $61.00 target price on shares of Wells Fargo & Company in a report on Monday, October 14th. Truist Financial increased their price objective on Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Finally, Citigroup upped their target price on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the company a “neutral” rating in a report on Tuesday, November 19th. Eleven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $73.39.

Wells Fargo & Company Trading Up 0.7 %

The firm has a market cap of $261.07 billion, a price-to-earnings ratio of 14.57, a price-to-earnings-growth ratio of 1.17 and a beta of 1.18. The business’s 50 day moving average price is $73.35 and its 200-day moving average price is $64.38. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The business had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. During the same quarter in the previous year, the firm posted $0.86 EPS. The business’s revenue for the quarter was down .5% compared to the same quarter last year. Equities analysts expect that Wells Fargo & Company will post 5.84 EPS for the current year.

Hedge Funds Weigh In On Wells Fargo & Company

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jacobsen Capital Management increased its holdings in shares of Wells Fargo & Company by 2.8% during the fourth quarter. Jacobsen Capital Management now owns 5,420 shares of the financial services provider’s stock valued at $381,000 after purchasing an additional 148 shares during the period. New Republic Capital LLC lifted its stake in shares of Wells Fargo & Company by 2.9% in the 4th quarter. New Republic Capital LLC now owns 5,249 shares of the financial services provider’s stock worth $369,000 after acquiring an additional 149 shares during the period. Quad Cities Investment Group LLC boosted its holdings in shares of Wells Fargo & Company by 0.3% in the fourth quarter. Quad Cities Investment Group LLC now owns 52,576 shares of the financial services provider’s stock valued at $3,693,000 after acquiring an additional 158 shares in the last quarter. Investors Research Corp increased its stake in shares of Wells Fargo & Company by 1.2% during the third quarter. Investors Research Corp now owns 13,461 shares of the financial services provider’s stock valued at $760,000 after acquiring an additional 160 shares during the period. Finally, Ellenbecker Investment Group lifted its position in Wells Fargo & Company by 3.9% in the third quarter. Ellenbecker Investment Group now owns 4,418 shares of the financial services provider’s stock worth $250,000 after purchasing an additional 164 shares during the period. 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.