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

Wells Fargo & Company (NYSE:WFC)'s share price was down 1.3% during trading on Monday . The stock traded as low as $82.58 and last traded at $82.53. Approximately 5,312,901 shares traded hands during trading, a decline of 69% from the average daily volume of 17,332,496 shares. The stock had previously closed at $83.60.

Analysts Set New Price Targets

WFC has been the subject of a number of recent analyst reports. Bank of America boosted their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. JPMorgan Chase & Co. decreased their price objective on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Barclays dropped their target price on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Royal Bank Of Canada raised shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 target price for the company in a research report on Thursday, March 13th. Finally, Raymond James Financial cut Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday. Eight analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Wells Fargo & Company has a consensus rating of "Moderate Buy" and an average price target of $78.33.

Wells Fargo & Company Price Performance

The firm has a market cap of $267.95 billion, a PE ratio of 14.78, a P/E/G ratio of 1.40 and a beta of 1.16. The firm's fifty day simple moving average is $75.34 and its two-hundred day simple moving average is $73.50. The company has a quick ratio of 0.84, 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 earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share 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 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 company earned $1.20 EPS. Wells Fargo & Company's revenue for the quarter was down 3.4% on a year-over-year basis. As a group, research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.94%. 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 approved a share buyback program on Tuesday, April 29th that allows the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On Wells Fargo & Company

A number of institutional investors have recently added to or reduced their stakes in WFC. Shakespeare Wealth Management LLC increased its holdings in Wells Fargo & Company by 0.9% in the 4th quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider's stock valued at $972,000 after acquiring an additional 130 shares during the last quarter. Safeguard Investment Advisory Group LLC grew its position in shares of Wells Fargo & Company by 2.4% during the fourth quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock valued at $410,000 after purchasing an additional 137 shares in the last quarter. Summit Wealth & Retirement Planning Inc. increased its holdings in shares of Wells Fargo & Company by 4.3% in the first quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider's stock worth $241,000 after purchasing an additional 139 shares during the last quarter. Nwam LLC lifted its position in shares of Wells Fargo & Company by 1.6% in the first quarter. Nwam LLC now owns 8,806 shares of the financial services provider's stock worth $632,000 after buying an additional 142 shares in the last quarter. Finally, PGIM Custom Harvest LLC boosted its stake in Wells Fargo & Company by 3.5% during the first quarter. PGIM Custom Harvest LLC now owns 4,225 shares of the financial services provider's stock valued at $303,000 after buying an additional 142 shares during the last quarter. 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.