Wells Fargo & Company (NYSE:WFC) Hits New 12-Month High on Strong Earnings

Wells Fargo & Company (NYSE:WFC) shares hit a new 52-week high during mid-day trading on Monday after the company announced better than expected quarterly earnings. The stock traded as high as $62.57 and last traded at $62.09, with a volume of 3613041 shares traded. The stock had previously closed at $60.99.

The financial services provider reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. The company had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. Wells Fargo & Company’s revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.39 EPS.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were paid a $0.40 dividend. The ex-dividend date was Friday, August 9th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.57%. Wells Fargo & Company’s dividend payout ratio is 32.85%.

Analyst Ratings Changes

WFC has been the subject of a number of research reports. BMO Capital Markets increased their target price on Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research note on Thursday, July 11th. Royal Bank of Canada reissued a “sector perform” rating and set a $61.00 target price on shares of Wells Fargo & Company in a research note on Monday. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a research note on Tuesday, September 3rd. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and lowered their target price for the stock from $62.00 to $59.00 in a research note on Friday, August 16th. Finally, Morgan Stanley lowered their target price on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research note on Monday, September 30th. Thirteen investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $61.86.

Institutional Investors Weigh In On Wells Fargo & Company

Large investors have recently made changes to their positions in the stock. Mattson Financial Services LLC acquired a new stake in Wells Fargo & Company during the 2nd quarter valued at $25,000. Strategic Investment Solutions Inc. IL acquired a new stake in Wells Fargo & Company during the 2nd quarter valued at $26,000. Valued Wealth Advisors LLC lifted its holdings in Wells Fargo & Company by 53.7% during the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 220 shares during the last quarter. J.Safra Asset Management Corp lifted its holdings in Wells Fargo & Company by 704.3% during the 1st quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 648 shares during the last quarter. Finally, Fairscale Capital LLC acquired a new stake in shares of Wells Fargo & Company during the second quarter worth $47,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 1.9 %

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 company has a market cap of $216.71 billion, a price-to-earnings ratio of 12.76, a P/E/G ratio of 1.46 and a beta of 1.16. The stock has a fifty day moving average price of $55.59 and a two-hundred day moving average price of $57.82.

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.