Wells Fargo & Company (NYSE:WFC) Plans Quarterly Dividend of $0.40

Wells Fargo & Company (NYSE:WFC) announced a quarterly dividend on Tuesday, October 22nd, RTT News reports. Shareholders of record on Friday, November 8th will be given a dividend of 0.40 per share by the financial services provider on Sunday, December 1st. This represents a $1.60 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, November 8th.

Wells Fargo & Company has raised its dividend payment by an average of 2.1% per year over the last three years. Wells Fargo & Company has a dividend payout ratio of 29.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Wells Fargo & Company to earn $5.39 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 29.7%.

Wells Fargo & Company Stock Up 13.2 %

Shares of NYSE WFC opened at $72.54 on Thursday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09. The business has a 50-day moving average of $59.11 and a 200-day moving average of $58.72. The firm has a market capitalization of $241.52 billion, a price-to-earnings ratio of 15.08, a PEG ratio of 1.44 and a beta of 1.14. Wells Fargo & Company has a 12 month low of $40.27 and a 12 month high of $74.27.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.14. The business had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The business’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.39 EPS. Sell-side analysts expect that Wells Fargo & Company will post 5.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $61.99, for a total value of $2,169,650.00. Following the transaction, the executive vice president now owns 126,687 shares in the company, valued at $7,853,327.13. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Beurden Saul Van sold 35,000 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $61.99, for a total transaction of $2,169,650.00. Following the transaction, the executive vice president now directly owns 126,687 shares of the company’s stock, valued at $7,853,327.13. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total value of $3,822,000.00. Following the completion of the sale, the executive vice president now owns 163,610 shares of the company’s stock, valued at $10,421,957. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have weighed in on WFC. BMO Capital Markets raised their price target on Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research report on Thursday, July 11th. Phillip Securities upgraded Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and boosted their target price for the stock from $60.83 to $65.00 in a research report on Tuesday, October 15th. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research report on Tuesday, September 3rd. Evercore ISI boosted their price objective on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, Compass Point increased their target price on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Thirteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Wells Fargo & Company has an average rating of “Hold” and an average price target of $62.12.

About Wells Fargo & Company

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.