Wells Fargo & Company (NYSE:WFC) Trading Up 1.6% on Earnings Beat

Shares of Wells Fargo & Company (NYSE:WFC) rose 1.6% during mid-day trading on Monday following a better than expected earnings announcement. The stock traded as high as $63.95 and last traded at $63.51. Approximately 6,728,355 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 17,556,692 shares. The stock had previously closed at $62.51.

The financial services provider reported $1.39 EPS for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. During the same period last year, the business earned $1.20 earnings per share. Wells Fargo & Company's revenue was down 3.4% compared to the same quarter last year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.48%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company's payout ratio is 28.73%.

Wall Street Analysts Forecast Growth

WFC has been the subject of several research reports. Royal Bank of Canada upgraded shares of 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. Citigroup decreased their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Piper Sandler reduced their price target on shares of Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating on the stock in a research report on Monday. Morgan Stanley boosted their price objective on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the stock an "overweight" rating in a report on Monday, April 7th. Finally, Bank of America reduced their target price on shares of Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating on the stock in a report on Wednesday, April 2nd. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $75.34.

Institutional Investors Weigh In On Wells Fargo & Company

A number of large investors have recently made changes to their positions in WFC. Smith Shellnut Wilson LLC ADV lifted its stake in Wells Fargo & Company by 1.7% in the first quarter. Smith Shellnut Wilson LLC ADV now owns 30,891 shares of the financial services provider's stock worth $2,218,000 after acquiring an additional 504 shares during the period. Consilium Wealth Advisory LLC lifted its position in shares of Wells Fargo & Company by 3.2% in the 1st quarter. Consilium Wealth Advisory LLC now owns 176,425 shares of the financial services provider's stock worth $12,666,000 after purchasing an additional 5,407 shares during the period. Vivid Wealth Management LLC boosted its stake in shares of Wells Fargo & Company by 1.2% during the 1st quarter. Vivid Wealth Management LLC now owns 17,110 shares of the financial services provider's stock valued at $1,228,000 after purchasing an additional 198 shares in the last quarter. Inscription Capital LLC purchased a new position in shares of Wells Fargo & Company during the first quarter valued at about $387,000. Finally, QRG Capital Management Inc. raised its stake in Wells Fargo & Company by 5.6% in the first quarter. QRG Capital Management Inc. now owns 815,384 shares of the financial services provider's stock worth $58,536,000 after buying an additional 43,092 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Up 1.0 %

The company's fifty day simple moving average is $71.53 and its 200 day simple moving average is $70.98. 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 $211.02 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02.

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.