Wells Fargo & Company (NYSE:WFC) Shares Up 0.8% - Here's What Happened

Wells Fargo & Company (NYSE:WFC) rose 0.8% during trading on Wednesday . The stock traded as high as $71.80 and last traded at $71.88. Approximately 1,700,587 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 17,069,736 shares. The stock had previously closed at $71.31.

Analyst Ratings Changes

WFC has been the subject of several research reports. JPMorgan Chase & Co. decreased their price objective on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research note on Thursday. UBS Group lifted their target price on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the company a "buy" rating in a report on Monday, December 9th. Keefe, Bruyette & Woods increased their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the company a "market perform" rating in a report on Thursday, January 16th. Truist Financial reduced their price objective on Wells Fargo & Company from $86.00 to $84.00 and set a "buy" rating on the stock in a research note on Friday. Finally, Royal Bank of Canada raised Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 target price for the company in a research report on Thursday, March 13th. Nine equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $75.50.

Wells Fargo & Company Stock Down 7.2 %

The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $198.89 billion, a price-to-earnings ratio of 11.32, a P/E/G ratio of 1.18 and a beta of 1.16. The stock has a 50 day moving average of $74.93 and a 200 day moving average of $70.44.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, beating analysts' consensus estimates of $1.34 by $0.09. The business had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company's revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.86 EPS. As a group, analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were given a $0.40 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.63%. Wells Fargo & Company's dividend payout ratio is presently 29.74%.

Hedge Funds Weigh In On Wells Fargo & Company

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rialto Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $26,000. Investment Counsel Co. of Nevada purchased a new position in Wells Fargo & Company during the 4th quarter worth approximately $28,000. BNP Paribas purchased a new position in shares of Wells Fargo & Company during the fourth quarter valued at $28,000. Modus Advisors LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $30,000. Finally, McClarren Financial Advisors Inc. acquired a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $30,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Company Profile

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.