Wells Fargo & Company (NYSE:WFC) Posts Quarterly Earnings Results, Beats Estimates By $0.14 EPS

Wells Fargo & Company (NYSE:WFC) announced its quarterly earnings data on Friday. The financial services provider reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.28 by $0.14, RTT News reports. The firm had revenue of $20.37 billion during the quarter, compared to analyst estimates of $20.40 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The company's revenue was down 2.4% on a year-over-year basis. During the same period last year, the company earned $1.39 earnings per share.

Wells Fargo & Company Price Performance

WFC stock opened at $60.99 on Monday. The company's 50-day moving average price is $55.39 and its two-hundred day moving average price is $57.79. Wells Fargo & Company has a 12 month low of $38.58 and a 12 month high of $62.55. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. The firm has a market cap of $212.63 billion, a P/E ratio of 12.52, a P/E/G ratio of 1.46 and a beta of 1.16.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were given a dividend of $0.40 per share. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.35. The ex-dividend date was Friday, August 9th. This represents a $1.60 annualized dividend and a yield of 2.62%. Wells Fargo & Company's dividend payout ratio is currently 32.85%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on WFC. Evercore ISI lifted their price objective on Wells Fargo & Company from $65.00 to $68.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 2nd. Wolfe Research upgraded shares of Wells Fargo & Company from a "peer perform" rating to an "outperform" rating and set a $65.00 price target on the stock in a research report on Tuesday, October 8th. The Goldman Sachs Group lowered their target price on shares of Wells Fargo & Company from $68.00 to $65.00 and set a "buy" rating for the company in a research note on Wednesday, September 11th. BMO Capital Markets boosted their price target on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the company a "market perform" rating in a report on Thursday, July 11th. Finally, Jefferies Financial Group downgraded Wells Fargo & Company to a "hold" rating and dropped their price objective for the stock from $62.00 to $59.00 in a research note on Friday, August 16th. Twelve research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $61.07.

Hedge Funds Weigh In On Wells Fargo & Company

Hedge funds and other institutional investors have recently modified their holdings of the business. Mattson Financial Services LLC bought a new stake in shares of Wells Fargo & Company during the second quarter worth $25,000. Strategic Investment Solutions Inc. IL acquired a new position in Wells Fargo & Company in the 2nd quarter worth about $26,000. Transcendent Capital Group LLC bought a new position in Wells Fargo & Company in the fourth quarter valued at about $32,000. Beaird Harris Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company during the fourth quarter valued at about $34,000. Finally, Valued Wealth Advisors LLC grew its holdings in shares of Wells Fargo & Company by 53.7% during the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider's stock worth $37,000 after purchasing an additional 220 shares during the last quarter. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Company Profile

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.