Wells Fargo & Company (NYSE:WFC) Releases Earnings Results, Beats Estimates By $0.13 EPS

Wells Fargo & Company (NYSE:WFC) announced its quarterly earnings data on Tuesday. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.13, Zacks reports. Wells Fargo & Company had a return on equity of 12.33% and a net margin of 16.82%. The company had revenue of $20.82 billion during the quarter, compared to analysts' expectations of $20.83 billion. During the same quarter last year, the company earned $1.33 EPS. Wells Fargo & Company's revenue for the quarter was up .6% compared to the same quarter last year.

Wells Fargo & Company Price Performance

WFC stock traded down $0.22 during midday trading on Thursday, reaching $79.69. The company had a trading volume of 21,835,037 shares, compared to its average volume of 17,424,219. Wells Fargo & Company has a 1-year low of $50.15 and a 1-year high of $83.95. The stock has a 50 day moving average price of $76.85 and a 200-day moving average price of $74.05. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84. The company has a market capitalization of $259.33 billion, a price-to-earnings ratio of 13.65, a price-to-earnings-growth ratio of 1.33 and a beta of 1.16.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.01%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 27.40%.

Institutional Investors Weigh In On Wells Fargo & Company

A hedge fund recently raised its stake in Wells Fargo & Company stock. Brighton Jones LLC increased its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 62.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 66,233 shares of the financial services provider's stock after acquiring an additional 25,436 shares during the period. Brighton Jones LLC's holdings in Wells Fargo & Company were worth $4,652,000 as of its most recent filing with the Securities and Exchange Commission. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company announced that its board has initiated a stock repurchase program on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Cowen restated a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday. Truist Financial boosted their target price on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Piper Sandler reiterated an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. JPMorgan Chase & Co. lowered their price objective on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. Finally, TD Cowen started coverage on shares of Wells Fargo & Company in a report on Thursday, May 15th. They issued a "hold" rating and a $83.00 target price on the stock. Eight equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $80.39.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.