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Wells Fargo & Company (NYSE:WFC) Trading Up 1.2% - Time to Buy?

Wells Fargo & Company logo with Finance background

Wells Fargo & Company (NYSE:WFC) shares were up 1.2% during mid-day trading on Friday . The stock traded as high as $83.95 and last traded at $83.32. Approximately 11,237,287 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 17,353,350 shares. The stock had previously closed at $82.36.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on WFC shares. Piper Sandler reiterated an "overweight" rating and issued a $85.00 target price (up previously from $75.00) on shares of Wells Fargo & Company in a research note on Wednesday, June 4th. Citigroup lifted their target price on Wells Fargo & Company from $78.00 to $85.00 and gave the company a "neutral" rating in a research note on Wednesday. Royal Bank Of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 target price on the stock in a research note on Thursday, March 13th. Barclays cut their target price on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Finally, TD Cowen began coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They issued a "hold" rating and a $83.00 target price on the stock. Seven research 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.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $78.33.

View Our Latest Report on WFC

Wells Fargo & Company Price Performance

The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a market cap of $271.12 billion, a price-to-earnings ratio of 14.96, a P/E/G ratio of 1.40 and a beta of 1.16. The stock has a fifty day moving average of $75.34 and a 200 day moving average of $73.44.

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

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's dividend payout ratio (DPR) is 28.73%.

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

Institutional Investors Weigh In On Wells Fargo & Company

Institutional investors and hedge funds have recently modified their holdings of the company. Rialto Wealth Management LLC acquired a new position in Wells Fargo & Company in the fourth quarter valued at approximately $26,000. CBIZ Investment Advisory Services LLC lifted its holdings in 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 valued at $27,000 after acquiring an additional 322 shares during the period. Investment Counsel Co. of Nevada acquired a new position in Wells Fargo & Company in the fourth quarter valued at approximately $28,000. BNP Paribas acquired a new position in Wells Fargo & Company in the fourth quarter valued at approximately $28,000. Finally, Accent Capital Management LLC acquired a new position in Wells Fargo & Company in the first quarter valued at approximately $29,000. Institutional investors and hedge funds own 75.90% of the company's stock.

About Wells Fargo & Company

(Get Free Report)

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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