Wells Fargo & Company (NYSE:WFC) Trading Down 1.3% - What's Next?

Wells Fargo & Company (NYSE:WFC) shares traded down 1.3% during mid-day trading on Friday . The company traded as low as $71.93 and last traded at $73.06. 4,871,407 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 17,425,517 shares. The stock had previously closed at $74.01.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. The Goldman Sachs Group raised their price objective on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the stock a "buy" rating in a report on Tuesday. JPMorgan Chase & Co. lowered their price target on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a report on Wednesday, June 4th. Citigroup lowered their price target on shares of Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Finally, Royal Bank of Canada raised shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price target on the stock in a report on Thursday, March 13th. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Wells Fargo & Company has an average rating of "Moderate Buy" and a consensus price target of $77.68.

Wells Fargo & Company Price Performance

The firm's 50-day moving average is $71.42 and its two-hundred day moving average is $72.93. The company has a market cap of $235.31 billion, a P/E ratio of 13.44, a PEG ratio of 1.18 and a beta of 1.16. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.16. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The company 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 business posted $1.20 earnings per share. Wells Fargo & Company's quarterly revenue was down 3.4% on a year-over-year basis. Analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date was Friday, May 9th. Wells Fargo & Company's dividend payout ratio (DPR) is 28.73%.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Rialto Wealth Management LLC bought a new position in Wells Fargo & Company during the fourth quarter valued at $26,000. CBIZ Investment Advisory Services LLC increased its position 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 acquiring an additional 322 shares during the last quarter. Investment Counsel Co. of Nevada bought a new position in Wells Fargo & Company during the fourth quarter valued at $28,000. BNP Paribas bought a new position in shares of Wells Fargo & Company in the fourth quarter worth about $28,000. Finally, 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. 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.