Wells Fargo & Company (NYSE:WFC) Stock Price Down 0.2%

Wells Fargo & Company (NYSE:WFC) dropped 0.2% during trading on Wednesday . The stock traded as low as $59.40 and last traded at $59.58. Approximately 1,749,913 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 18,282,961 shares. The stock had previously closed at $59.67.

Analysts Set New Price Targets

WFC has been the subject of several recent research reports. 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. BMO Capital Markets boosted their price target on Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research note on Thursday, July 11th. JPMorgan Chase & Co. boosted their price target on Wells Fargo & Company from $59.00 to $61.50 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. HSBC boosted their price target on Wells Fargo & Company from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. Finally, Evercore ISI reissued an “outperform” rating and issued a $67.00 price target (down previously from $70.00) on shares of Wells Fargo & Company in a research note on Monday, July 15th. Thirteen research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $59.31.

Wells Fargo & Company Stock Down 0.4 %

The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. The company has a market capitalization of $207.23 billion, a P/E ratio of 12.26, a PEG ratio of 1.45 and a beta of 1.17. The firm has a 50-day moving average price of $59.25 and a two-hundred day moving average price of $56.37.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, July 12th. The financial services provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.29 by $0.04. The firm had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $20.29 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. Wells Fargo & Company’s quarterly revenue was up .8% compared to the same quarter last year. During the same period last year, the business earned $1.25 earnings per share. Equities research analysts anticipate that Wells Fargo & Company will post 5.14 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Friday, August 9th will be given a $0.40 dividend. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 2.69%. The ex-dividend date of this dividend is Friday, August 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is 28.75%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of WFC. Norges Bank bought a new position in Wells Fargo & Company in the fourth quarter worth $2,623,044,000. LSV Asset Management raised its stake in Wells Fargo & Company by 40.4% during the fourth quarter. LSV Asset Management now owns 9,308,450 shares of the financial services provider’s stock worth $458,162,000 after acquiring an additional 2,677,050 shares in the last quarter. 1832 Asset Management L.P. raised its stake in Wells Fargo & Company by 67.1% during the first quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock worth $339,226,000 after acquiring an additional 2,349,595 shares in the last quarter. Morningstar Investment Services LLC raised its stake in Wells Fargo & Company by 103.7% during the fourth quarter. Morningstar Investment Services LLC now owns 3,833,570 shares of the financial services provider’s stock worth $189,684,000 after acquiring an additional 1,951,477 shares in the last quarter. Finally, Rokos Capital Management LLP raised its stake in Wells Fargo & Company by 141.6% during the first quarter. Rokos Capital Management LLP now owns 2,620,868 shares of the financial services provider’s stock worth $151,853,000 after acquiring an additional 1,536,152 shares in the last quarter. 75.90% of the stock is owned by institutional investors.

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.