Wells Fargo & Company (NYSE:WFC)’s share price gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $57.75, but opened at $59.96. Wells Fargo & Company shares last traded at $60.56, with a volume of 5,304,727 shares changing hands.
The financial services provider reported $1.42 EPS for the quarter, beating the consensus estimate of $1.28 by $0.14. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The company had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. During the same period last year, the business posted $1.39 EPS. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year.
Wells Fargo & Company Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were issued a dividend of $0.40 per share. 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 2.62%. The ex-dividend date was Friday, August 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 32.85%.
Wall Street Analyst Weigh In
Hedge Funds Weigh In On Wells Fargo & Company
Institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio raised its position in shares of Wells Fargo & Company by 0.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 1,922,351 shares of the financial services provider’s stock valued at $94,618,000 after buying an additional 5,574 shares in the last quarter. Studio Investment Management LLC lifted its stake in Wells Fargo & Company by 69.0% during the fourth quarter. Studio Investment Management LLC now owns 17,314 shares of the financial services provider’s stock worth $852,000 after purchasing an additional 7,068 shares during the last quarter. Clarity Asset Management Inc. bought a new stake in Wells Fargo & Company during the fourth quarter worth about $66,000. Oarsman Capital Inc. boosted its holdings in shares of Wells Fargo & Company by 12.8% in the 4th quarter. Oarsman Capital Inc. now owns 39,289 shares of the financial services provider’s stock worth $1,934,000 after purchasing an additional 4,466 shares in the last quarter. Finally, Winslow Asset Management Inc. boosted its holdings in shares of Wells Fargo & Company by 1.5% in the 4th quarter. Winslow Asset Management Inc. now owns 96,290 shares of the financial services provider’s stock worth $4,739,000 after purchasing an additional 1,432 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.
Wells Fargo & Company Price Performance
The stock has a market capitalization of $212.63 billion, a P/E ratio of 12.52, a price-to-earnings-growth ratio of 1.46 and a beta of 1.16. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. The firm has a 50-day moving average price of $55.24 and a 200 day moving average price of $57.75.
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.
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