Wells Fargo & Company (NYSE:WFC) Stock Price Up 1.7% - Here's Why

Wells Fargo & Company (NYSE:WFC) shares were up 1.7% on Thursday . The stock traded as high as $65.29 and last traded at $65.08. Approximately 5,130,395 shares changed hands during trading, a decline of 71% from the average daily volume of 17,563,058 shares. The stock had previously closed at $63.98.

Wall Street Analysts Forecast Growth

WFC has been the subject of a number of research reports. Royal Bank of Canada upgraded 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 note on Thursday, March 13th. Piper Sandler reduced their price objective on Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Bank of America dropped their target price on Wells Fargo & Company from $85.00 to $83.00 and set a "buy" rating on the stock in a research report on Wednesday, April 2nd. Morgan Stanley boosted their price target on shares of Wells Fargo & Company from $79.00 to $80.00 and gave the company an "overweight" rating in a report on Monday, April 7th. Finally, Barclays cut their price objective on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $75.34.

Wells Fargo & Company Trading Up 1.0 %

The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The firm has a 50-day moving average price of $71.23 and a 200-day moving average price of $71.16. The company has a market capitalization of $211.02 billion, a price-to-earnings ratio of 12.01, a PEG ratio of 1.18 and a beta of 1.02.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same period in the previous year, the company earned $1.20 earnings per share. Wells Fargo & Company's revenue was down 3.4% compared to the same quarter last year. As a group, sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Rialto Wealth Management LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth $26,000. Investment Counsel Co. of Nevada purchased a new position in Wells Fargo & Company in the 4th quarter worth about $28,000. BNP Paribas purchased a new position in Wells Fargo & Company in the 4th quarter worth about $28,000. Modus Advisors LLC purchased a new stake in Wells Fargo & Company during the fourth quarter valued at about $30,000. Finally, McClarren Financial Advisors Inc. purchased a new stake in Wells Fargo & Company during the fourth quarter valued at about $30,000. Institutional investors own 75.90% of the company's stock.

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.