Wells Fargo & Company (NYSE:WFC) Stock Price Down 1% - Here's What Happened

Wells Fargo & Company (NYSE:WFC)'s share price dropped 1% during trading on Tuesday . The company traded as low as $81.20 and last traded at $81.48. Approximately 3,950,217 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 17,329,526 shares. The stock had previously closed at $82.34.

Analysts Set New Price Targets

WFC has been the subject of a number of analyst reports. Truist Financial lifted their price target on Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research note on Wednesday. Raymond James Financial downgraded Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday. Morgan Stanley boosted their target price on Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 4th. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, April 14th. Finally, JPMorgan Chase & Co. cut their target price on 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. Eight analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $78.98.

Wells Fargo & Company Price Performance

The business's fifty day simple moving average is $75.81 and its 200-day simple moving average is $73.64. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06. The firm has a market cap of $266.13 billion, a P/E ratio of 14.68, a PEG ratio of 1.38 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The business had revenue of $20.15 billion for the quarter, compared to analysts' expectations of $20.82 billion. During the same quarter in the previous year, the firm posted $1.20 EPS. The business's revenue for the quarter was down 3.4% compared to the same quarter last year. As a group, analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 1.96%. Wells Fargo & Company's payout ratio is currently 28.73%.

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. CBIZ Investment Advisory Services LLC increased its holdings in shares of Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock worth $27,000 after purchasing an additional 322 shares during the period. Investment Counsel Co. of Nevada bought a new position in shares of Wells Fargo & Company in the fourth quarter worth $28,000. BNP Paribas bought a new position in shares of Wells Fargo & Company in the fourth quarter worth $28,000. Accent Capital Management LLC bought a new position in shares of Wells Fargo & Company in the first quarter worth $29,000. Finally, Motco increased its holdings in shares of Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after purchasing an additional 326 shares during the period. Institutional investors 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.