Wells Fargo & Company (NYSE:WFC) Reaches New 1-Year High - What's Next?

Wells Fargo & Company (NYSE:WFC) shares reached a new 52-week high on Thursday . The stock traded as high as $84.53 and last traded at $84.27, with a volume of 4622815 shares. The stock had previously closed at $83.70.

Wall Street Analyst Weigh In

WFC has been the subject of a number of analyst reports. Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. The Goldman Sachs Group cut their target price on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Bank of America raised their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Evercore ISI restated an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Wall Street Zen upgraded shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Nine investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $80.39.

Wells Fargo & Company Price Performance

The business has a 50-day moving average price of $77.53 and a 200 day moving average price of $74.42. The stock has a market cap of $274.09 billion, a PE ratio of 14.42, a PEG ratio of 1.28 and a beta of 1.16. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.13. The firm had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company's revenue was up .6% on a year-over-year basis. During the same quarter last year, the company earned $1.33 earnings per share. As a group, research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were paid a dividend of $0.40 per share. The ex-dividend date was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.90%. Wells Fargo & Company's payout ratio is 27.40%.

Wells Fargo & Company announced that its Board of Directors has authorized a stock buyback plan 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 purchase up to 17.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its stock is undervalued.

Institutional Investors Weigh In On Wells Fargo & Company

A number of institutional investors and hedge funds have recently modified their holdings of the company. McElhenny Sheffield Capital Management LLC purchased a new position in shares of Wells Fargo & Company during the 2nd quarter valued at $27,000. CBIZ Investment Advisory Services LLC boosted its stake in Wells Fargo & Company by 585.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock valued at $27,000 after buying an additional 322 shares during the period. Investment Counsel Co. of Nevada purchased a new position in Wells Fargo & Company during the fourth quarter worth about $28,000. BNP Paribas bought a new position in Wells Fargo & Company in the 4th quarter worth about $28,000. Finally, Accent Capital Management LLC purchased a new stake in shares of Wells Fargo & Company in the 1st quarter valued at about $29,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

About Wells Fargo & Company

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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