Wells Fargo & Company (NYSE:WFC) Shares Gap Down to $60.16

Wells Fargo & Company (NYSE:WFC)’s share price gapped down prior to trading on Friday . The stock had previously closed at $60.16, but opened at $56.20. Wells Fargo & Company shares last traded at $56.39, with a volume of 8,234,165 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have commented on WFC shares. Jefferies Financial Group increased their target price on Wells Fargo & Company from $62.00 to $64.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Compass Point reissued a “neutral” rating and issued a $64.00 price target on shares of Wells Fargo & Company in a research note on Tuesday, April 9th. The Goldman Sachs Group increased their price target on Wells Fargo & Company from $57.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Morgan Stanley increased their price target on Wells Fargo & Company from $63.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Finally, Evercore ISI increased their price target on Wells Fargo & Company from $69.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, June 25th. Thirteen research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Wells Fargo & Company has a consensus rating of “Hold” and an average target price of $59.52.

Wells Fargo & Company Trading Down 6.8 %

The firm has a market capitalization of $195.55 billion, a P/E ratio of 11.73, a price-to-earnings-growth ratio of 1.47 and a beta of 1.17. The stock’s 50-day simple moving average is $59.55 and its two-hundred day simple moving average is $55.73. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.87 and a quick ratio of 0.86.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.25 by $0.08. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The business had revenue of $20.69 billion during the quarter, compared to analyst estimates of $20.29 billion. During the same quarter last year, the business earned $1.25 earnings per share. Wells Fargo & Company’s quarterly revenue was up .8% compared to the same quarter last year. Equities research analysts expect that Wells Fargo & Company will post 5.14 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Friday, May 10th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend was Thursday, May 9th. Wells Fargo & Company’s dividend payout ratio is currently 29.23%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in WFC. Norges Bank purchased a new position in Wells Fargo & Company in the 4th quarter worth about $2,623,044,000. LSV Asset Management raised its holdings in shares of Wells Fargo & Company by 40.4% in the 4th quarter. LSV Asset Management now owns 9,308,450 shares of the financial services provider’s stock valued at $458,162,000 after purchasing an additional 2,677,050 shares in the last quarter. 1832 Asset Management L.P. raised its holdings in shares of Wells Fargo & Company by 67.1% in the 1st quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock valued at $339,226,000 after purchasing an additional 2,349,595 shares in the last quarter. Morningstar Investment Services LLC raised its holdings in shares of Wells Fargo & Company by 103.7% in the 4th quarter. Morningstar Investment Services LLC now owns 3,833,570 shares of the financial services provider’s stock valued at $189,684,000 after purchasing an additional 1,951,477 shares in the last quarter. Finally, Nordea Investment Management AB raised its holdings in shares of Wells Fargo & Company by 42.7% in the 4th quarter. Nordea Investment Management AB now owns 5,780,421 shares of the financial services provider’s stock valued at $285,668,000 after purchasing an additional 1,729,132 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Company Profile

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.