Wells Fargo & Company (NYSE:WFC) declared a quarterly dividend on Tuesday, October 24th, RTT News reports. Investors of record on Friday, November 3rd will be given a dividend of 0.39 per share by the financial services provider on Friday, December 1st. This represents a $1.56 annualized dividend and a yield of 2.78%. The ex-dividend date is Thursday, November 2nd.
Wells Fargo & has increased its dividend by an average of 9.6% per year over the last three years and has raised its dividend annually for the last 5 consecutive years. Wells Fargo & has a payout ratio of 39.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Wells Fargo & to earn $4.32 per share next year, which means the company should continue to be able to cover its $1.56 annual dividend with an expected future payout ratio of 36.1%.
Wells Fargo & (NYSE:WFC) opened at 56.14 on Wednesday. The stock has a market cap of $276.65 billion, a P/E ratio of 14.51 and a beta of 0.97. Wells Fargo & has a 1-year low of $44.49 and a 1-year high of $59.99. The company has a 50-day moving average price of $54.33 and a 200 day moving average price of $53.56.
Wells Fargo & (NYSE:WFC) last issued its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.84 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.20). The company had revenue of $21.93 billion during the quarter, compared to analysts’ expectations of $22.30 billion. Wells Fargo & had a return on equity of 12.59% and a net margin of 22.00%. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.03 EPS. Equities analysts expect that Wells Fargo & will post $3.95 earnings per share for the current fiscal year.
A number of large investors have recently made changes to their positions in the business. Amussen Hunsaker & Associates LLC bought a new stake in Wells Fargo & in the second quarter valued at $625,000. Schafer Cullen Capital Management Inc. grew its position in Wells Fargo & by 2.4% in the second quarter. Schafer Cullen Capital Management Inc. now owns 2,480,541 shares of the financial services provider’s stock valued at $137,447,000 after acquiring an additional 57,401 shares during the period. Keel Point LLC grew its position in Wells Fargo & by 4.8% in the second quarter. Keel Point LLC now owns 9,439 shares of the financial services provider’s stock valued at $523,000 after acquiring an additional 435 shares during the period. Schneider Capital Management Corp bought a new stake in Wells Fargo & in the second quarter valued at $17,007,000. Finally, Sterling Capital Management LLC grew its position in Wells Fargo & by 1.5% in the second quarter. Sterling Capital Management LLC now owns 1,758,084 shares of the financial services provider’s stock valued at $97,415,000 after acquiring an additional 26,484 shares during the period. Hedge funds and other institutional investors own 75.00% of the company’s stock.
Several research firms have weighed in on WFC. UBS AG reaffirmed a “neutral” rating and set a $56.00 target price (down previously from $59.00) on shares of Wells Fargo & in a research note on Friday, September 15th. Zacks Investment Research raised Wells Fargo & from a “sell” rating to a “hold” rating in a research note on Thursday, October 12th. Piper Jaffray Companies reaffirmed a “neutral” rating and set a $50.00 target price (down previously from $52.00) on shares of Wells Fargo & in a research note on Wednesday, September 13th. Berenberg Bank cut Wells Fargo & from a “hold” rating to a “sell” rating and lifted their target price for the company from $35.00 to $45.00 in a research note on Friday, July 21st. Finally, Robert W. Baird reaffirmed a “buy” rating and set a $58.00 target price on shares of Wells Fargo & in a research note on Tuesday, September 5th. Six equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $57.20.
Wells Fargo & Company Profile
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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