Wells Fargo & Company (NYSE:WFC - Get Rating) - Seaport Res Ptn lowered their Q3 2023 earnings estimates for shares of Wells Fargo & Company in a research note issued on Friday, March 24th. Seaport Res Ptn analyst J. Mitchell now anticipates that the financial services provider will post earnings of $1.24 per share for the quarter, down from their prior forecast of $1.26. The consensus estimate for Wells Fargo & Company's current full-year earnings is $4.80 per share. Seaport Res Ptn also issued estimates for Wells Fargo & Company's Q4 2023 earnings at $1.29 EPS, FY2023 earnings at $5.00 EPS, Q1 2024 earnings at $1.21 EPS, Q2 2024 earnings at $1.45 EPS, Q3 2024 earnings at $1.50 EPS, Q4 2024 earnings at $1.54 EPS and FY2024 earnings at $5.70 EPS.
Several other equities research analysts have also commented on WFC. Morgan Stanley reduced their price target on shares of Wells Fargo & Company from $60.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, December 15th. Piper Sandler lowered shares of Wells Fargo & Company from an "overweight" rating to a "neutral" rating and reduced their price target for the company from $49.00 to $47.00 in a report on Tuesday, January 17th. Royal Bank of Canada reduced their price objective on shares of Wells Fargo & Company from $45.00 to $42.00 and set a "sector perform" rating for the company in a research note on Friday. Odeon Capital Group lowered shares of Wells Fargo & Company from a "buy" rating to a "hold" rating in a research note on Monday, March 13th. Finally, Jefferies Financial Group lowered shares of Wells Fargo & Company from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $49.00 to $46.00 in a research note on Tuesday, January 17th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $51.88.
Wells Fargo & Company Stock Performance
Shares of NYSE:WFC opened at $36.23 on Monday. Wells Fargo & Company has a 52 week low of $35.25 and a 52 week high of $53.30. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.08. The firm has a fifty day simple moving average of $44.45 and a two-hundred day simple moving average of $44.01. The stock has a market capitalization of $136.84 billion, a P/E ratio of 11.54, a PEG ratio of 0.75 and a beta of 1.17.
Wells Fargo & Company (NYSE:WFC - Get Rating) last announced its quarterly earnings data on Friday, January 13th. The financial services provider reported $0.67 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.04. Wells Fargo & Company had a net margin of 15.91% and a return on equity of 9.28%. The business had revenue of $19.66 billion for the quarter, compared to analysts' expectations of $20.04 billion. During the same quarter in the prior year, the company earned $1.38 earnings per share. The business's revenue was down 5.7% compared to the same quarter last year.
Hedge Funds Weigh In On Wells Fargo & Company
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Wells Fargo & Company by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 326,822,162 shares of the financial services provider's stock valued at $13,144,788,000 after purchasing an additional 3,920,830 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Wells Fargo & Company by 20.9% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 105,621,983 shares of the financial services provider's stock worth $4,248,626,000 after acquiring an additional 18,252,701 shares during the period. Geode Capital Management LLC boosted its position in Wells Fargo & Company by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 67,816,895 shares of the financial services provider's stock worth $2,795,394,000 after acquiring an additional 729,359 shares during the period. Norges Bank acquired a new position in Wells Fargo & Company during the 4th quarter worth $2,049,693,000. Finally, Moneta Group Investment Advisors LLC boosted its position in Wells Fargo & Company by 129,312.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 26,287,479 shares of the financial services provider's stock worth $1,085,410,000 after acquiring an additional 26,267,166 shares during the period. 72.24% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, EVP Kleber Santos sold 34,698 shares of the firm's stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $46.27, for a total value of $1,605,476.46. Following the completion of the transaction, the executive vice president now owns 19,590 shares in the company, valued at $906,429.30. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.05% of the stock is currently owned by company insiders.
Wells Fargo & Company Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, March 1st. Investors of record on Friday, February 3rd were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend was Thursday, February 2nd. Wells Fargo & Company's dividend payout ratio is presently 38.22%.
About Wells Fargo & Company
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Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage products and services, and consumer and commercial finance. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management.
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