Shares of Wells Fargo & Company (NYSE:WFC) dropped 0.5% during trading on Thursday . The stock traded as low as $60.16 and last traded at $60.66. Approximately 6,698,813 shares were traded during trading, a decline of 64% from the average daily volume of 18,808,808 shares. The stock had previously closed at $60.97.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on the stock. HSBC increased their price objective on shares of Wells Fargo & Company from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Jefferies Financial Group increased their price objective on shares of Wells Fargo & Company from $62.00 to $64.00 and gave the company a “hold” rating in a research report on Wednesday. JPMorgan Chase & Co. increased their price objective on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Compass Point reaffirmed a “neutral” rating and issued a $64.00 price objective on shares of Wells Fargo & Company in a research report on Tuesday, April 9th. Finally, StockNews.com raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Monday, April 15th. Fourteen analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $59.36.
View Our Latest Stock Report on Wells Fargo & Company
Wells Fargo & Company Stock Down 0.5 %
Wells Fargo & Company (NYSE:WFC – Get Free Report) last released its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.10. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The firm had revenue of $20.86 billion for the quarter, compared to analysts’ expectations of $20.19 billion. During the same quarter last year, the company earned $1.23 EPS. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. On average, sell-side analysts predict that Wells Fargo & Company will post 5.13 EPS for the current fiscal year.
Wells Fargo & Company Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Investors of record on Friday, May 10th were paid a $0.35 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $1.40 dividend on an annualized basis and a yield of 2.31%. Wells Fargo & Company’s dividend payout ratio is currently 29.23%.
Institutional Investors Weigh In On Wells Fargo & Company
A number of institutional investors have recently added to or reduced their stakes in WFC. Fortis Group Advisors LLC acquired a new stake in Wells Fargo & Company in the 3rd quarter valued at $25,000. Arlington Trust Co LLC purchased a new position in Wells Fargo & Company in the 4th quarter valued at $25,000. Core Wealth Advisors Inc. purchased a new position in Wells Fargo & Company in the 4th quarter valued at $25,000. Leith Wheeler Investment Counsel Ltd. lifted its holdings in Wells Fargo & Company by 208.0% in the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 528,104 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 356,620 shares in the last quarter. Finally, Tennessee Valley Asset Management Partners purchased a new position in Wells Fargo & Company in the 4th quarter valued at $29,000. Institutional investors and hedge funds own 75.90% of the company’s stock.
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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