Wells Fargo & Company (NYSE:WFC) Posts Quarterly Earnings Results, Beats Expectations By $0.11 EPS

Key Points

• Wells Fargo & Company reported quarterly earnings of $1.66 EPS, exceeding analysts' expectations of $1.55 by $0.11 and recording $21.44 billion in revenue against a forecast of $21.11 billion.
• The company declared a quarterly dividend increase from $0.40 to $0.45, resulting in an annualized dividend of $1.80 with a 2.3% yield.
• Wells Fargo received several **analyst upgrades**, including a price target increase from Evercore ISI, boosting their estimate from $94.00 to $98.00.

Wells Fargo & Company (NYSE:WFC) released its quarterly earnings data on Tuesday. The financial services provider reported $1.66 earnings per share for the quarter, topping analysts' consensus estimates of $1.55 by $0.11, RTT News reports. The company had revenue of $21.44 billion for the quarter, compared to analyst estimates of $21.11 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.During the same quarter in the previous year, the company posted $1.42 earnings per share.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $78.92 on Tuesday. Wells Fargo & Company has a 52 week low of $58.42 and a 52 week high of $86.65. The business's fifty day simple moving average is $80.66 and its 200-day simple moving average is $76.61. The firm has a market cap of $252.80 billion, a PE ratio of 13.51, a price-to-earnings-growth ratio of 1.25 and a beta of 1.25. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were paid a $0.45 dividend. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.3%. Wells Fargo & Company's dividend payout ratio is currently 30.82%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Weiss Ratings raised Wells Fargo & Company from a "hold (c)" rating to a "buy (b)" rating in a research note on Wednesday, October 8th. Evercore ISI boosted their price objective on Wells Fargo & Company from $94.00 to $98.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 30th. Truist Financial boosted their price objective on Wells Fargo & Company from $86.00 to $88.00 and gave the stock a "buy" rating in a research note on Wednesday, September 24th. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Finally, Morgan Stanley lowered Wells Fargo & Company from an "overweight" rating to an "equal weight" rating and boosted their price objective for the stock from $87.00 to $90.00 in a research note on Monday, September 29th. Nine equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and an average target price of $85.41.

Hedge Funds Weigh In On Wells Fargo & Company

Hedge funds have recently bought and sold shares of the company. Binnacle Investments Inc lifted its stake in Wells Fargo & Company by 32.8% during the 2nd quarter. Binnacle Investments Inc now owns 774 shares of the financial services provider's stock worth $62,000 after acquiring an additional 191 shares in the last quarter. NCM Capital Management LLC acquired a new position in Wells Fargo & Company during the 2nd quarter worth about $213,000. Vivaldi Capital Management LP lifted its stake in Wells Fargo & Company by 5.4% during the 2nd quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider's stock worth $259,000 after acquiring an additional 165 shares in the last quarter. Talisman Wealth Advisors LLC lifted its stake in Wells Fargo & Company by 4.4% during the 2nd quarter. Talisman Wealth Advisors LLC now owns 4,775 shares of the financial services provider's stock worth $383,000 after acquiring an additional 200 shares in the last quarter. Finally, Oxford Asset Management LLP acquired a new position in Wells Fargo & Company during the 2nd quarter worth about $458,000. Institutional investors and hedge funds own 75.90% of the company's stock.

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.

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