Wells Fargo & Company (NYSE:WFC) Trading 3.1% Higher - Here's What Happened

Wells Fargo & Company (NYSE:WFC) traded up 3.1% on Thursday . The stock traded as high as $75.14 and last traded at $74.74. 23,493,486 shares were traded during mid-day trading, an increase of 34% from the average session volume of 17,513,897 shares. The stock had previously closed at $72.50.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. The Goldman Sachs Group boosted their price objective on Wells Fargo & Company from $76.00 to $86.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Evercore ISI lifted their target price on Wells Fargo & Company from $72.00 to $88.00 and gave the company an "outperform" rating in a research report on Wednesday, June 4th. Piper Sandler reiterated an "overweight" rating and set a $85.00 price target (up previously from $75.00) on shares of Wells Fargo & Company in a report on Wednesday, June 4th. TD Cowen initiated coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They set a "hold" rating and a $83.00 price objective on the stock. Finally, Truist Financial cut their price objective on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $77.98.

Wells Fargo & Company Trading Up 3.1%

The firm has a fifty day moving average of $71.93 and a two-hundred day moving average of $72.86. The company has a market cap of $243.21 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 1.22 and a beta of 1.16. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $20.15 billion for the quarter, compared to analyst estimates of $20.82 billion. During the same quarter in the previous year, the firm posted $1.20 earnings per share. The company's quarterly revenue was down 3.4% compared to the same quarter last year. As a group, sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 28.73%.

Wells Fargo & Company declared that its board has authorized a share buyback plan on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Wells Fargo & Company

A number of large investors have recently modified their holdings of WFC. Norges Bank purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth $3,365,658,000. Northern Trust Corp increased its stake in Wells Fargo & Company by 10.7% in the 4th quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock worth $2,411,992,000 after acquiring an additional 3,307,855 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Wells Fargo & Company by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 20,497,429 shares of the financial services provider's stock valued at $1,471,259,000 after acquiring an additional 128,207 shares in the last quarter. Capital Research Global Investors lifted its position in Wells Fargo & Company by 932.0% during the fourth quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock valued at $1,105,218,000 after purchasing an additional 14,210,193 shares during the last quarter. Finally, Capital World Investors raised its position in shares of Wells Fargo & Company by 0.4% during the 4th quarter. Capital World Investors now owns 13,914,098 shares of the financial services provider's stock valued at $977,338,000 after buying an additional 62,099 shares in the last quarter. 75.90% of the stock is currently owned by 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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