Wells Fargo & Company (NYSE:WFC) Shares Up 1.3% - Time to Buy?

Key Points

• Wells Fargo's stock increased by 1.3%, closing at $81.54, but the trading volume dropped 85% compared to its average daily volume.
• Analysts have mixed opinions on Wells Fargo, with ten having a "Buy" rating and seven a "Hold" rating, while the consensus target price is set at $82.56.
• Wells Fargo recently increased its quarterly dividend to $0.45 per share, reflecting an annual yield of 2.2%, up from the previous $0.40 dividend.

Wells Fargo & Company (NYSE:WFC) shares shot up 1.3% on Thursday . The company traded as high as $81.75 and last traded at $81.54. 2,581,136 shares were traded during mid-day trading, a decline of 85% from the average session volume of 16,946,561 shares. The stock had previously closed at $80.51.

Analyst Ratings Changes

A number of brokerages recently commented on WFC. TD Cowen began coverage on shares of Wells Fargo & Company in a research note on Thursday, May 15th. They set a "hold" rating and a $83.00 price target on the stock. The Goldman Sachs Group lowered their price objective on shares of 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. Evercore ISI reissued an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Wall Street Zen raised shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Friday, August 22nd. Finally, Bank of America raised their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Ten analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and a consensus target price of $82.56.

Wells Fargo & Company Trading Up 1.6%

The company has a market cap of $262.09 billion, a PE ratio of 14.01, a P/E/G ratio of 1.28 and a beta of 1.25. The stock's 50 day moving average is $80.51 and its 200-day moving average is $75.06. 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 (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. The company had revenue of $20.82 billion for 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%. Wells Fargo & Company's revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.33 earnings per share. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.2%. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 30.82%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Access Investment Management LLC bought a new position in Wells Fargo & Company during the second quarter valued at $25,000. CBIZ Investment Advisory Services LLC grew 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 last quarter. McElhenny Sheffield Capital Management LLC bought a new position in shares of Wells Fargo & Company in the second quarter worth about $27,000. Motco grew 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 last quarter. Finally, Accent Capital Management LLC bought a new position in shares of Wells Fargo & Company in the first quarter worth about $29,000. 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.

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