Wells Fargo & Company (NYSE:WFC) Announces Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Wells Fargo & Company (NYSE:WFC) issued its earnings results on Friday. The financial services provider reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.10, Briefing.com reports. The company had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. Wells Fargo & Company had a return on equity of 12.40% and a net margin of 16.60%. Wells Fargo & Company’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.23 EPS.

Wells Fargo & Company Stock Down 0.4 %

WFC stock opened at $56.47 on Friday. Wells Fargo & Company has a twelve month low of $36.40 and a twelve month high of $58.44. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.24. The firm has a market cap of $199.93 billion, a PE ratio of 11.79, a price-to-earnings-growth ratio of 1.18 and a beta of 1.19. The business has a 50 day moving average of $54.92 and a 200 day moving average of $48.27.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 2nd were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date was Thursday, February 1st. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.23%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Lazari Capital Management Inc. increased its position in shares of Wells Fargo & Company by 0.9% in the 4th quarter. Lazari Capital Management Inc. now owns 22,804 shares of the financial services provider’s stock valued at $1,122,000 after acquiring an additional 202 shares during the period. First Financial Corp IN increased its position in shares of Wells Fargo & Company by 4.9% in the 4th quarter. First Financial Corp IN now owns 4,595 shares of the financial services provider’s stock valued at $226,000 after acquiring an additional 214 shares during the period. CX Institutional increased its position in shares of Wells Fargo & Company by 1.1% in the 4th quarter. CX Institutional now owns 20,280 shares of the financial services provider’s stock valued at $998,000 after acquiring an additional 217 shares during the period. Cape Investment Advisory Inc. increased its position in shares of Wells Fargo & Company by 3.4% in the 4th quarter. Cape Investment Advisory Inc. now owns 6,746 shares of the financial services provider’s stock valued at $332,000 after acquiring an additional 219 shares during the period. Finally, Cassaday & Co Wealth Management LLC increased its position in shares of Wells Fargo & Company by 4.1% in the 4th quarter. Cassaday & Co Wealth Management LLC now owns 5,645 shares of the financial services provider’s stock valued at $278,000 after acquiring an additional 224 shares during the period. Institutional investors own 75.90% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Compass Point restated a “neutral” rating and set a $64.00 target price on shares of Wells Fargo & Company in a report on Tuesday, April 9th. Raymond James increased their price objective on Wells Fargo & Company from $55.00 to $58.00 and gave the stock a “strong-buy” rating in a report on Tuesday, January 16th. Robert W. Baird reiterated a “neutral” rating and issued a $55.00 price objective on shares of Wells Fargo & Company in a report on Monday, January 8th. HSBC increased their price objective on Wells Fargo & Company from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Thursday, March 28th. Finally, Evercore ISI increased their price objective on Wells Fargo & Company from $58.00 to $67.00 and gave the stock an “outperform” rating in a report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $58.37.

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.