Wells Fargo & Company (NYSE:WFC – Get Rating) – Equities researchers at Oppenheimer lifted their FY2023 earnings estimates for Wells Fargo & Company in a research report issued on Friday, July 29th. Oppenheimer analyst C. Kotowski now expects that the financial services provider will post earnings of $4.92 per share for the year, up from their prior estimate of $4.58. The consensus estimate for Wells Fargo & Company’s current full-year earnings is $3.97 per share.
Several other analysts have also recently commented on WFC. Citigroup reduced their price objective on shares of Wells Fargo & Company from $56.00 to $47.00 and set a “buy” rating for the company in a research note on Tuesday, July 12th. BMO Capital Markets dropped their price target on shares of Wells Fargo & Company from $64.00 to $60.00 and set a “market perform” rating for the company in a research note on Monday, April 18th. Jefferies Financial Group lowered their target price on shares of Wells Fargo & Company from $55.00 to $47.00 in a research note on Monday, July 11th. Raymond James lowered their price target on shares of Wells Fargo & Company from $60.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, June 24th. Finally, Morgan Stanley upped their price objective on shares of Wells Fargo & Company from $59.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, July 18th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $55.31.
Wells Fargo & Company Trading Up 1.3 %
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NYSE WFC opened at $43.87 on Monday. The company has a market capitalization of $166.28 billion, a price-to-earnings ratio of 10.52, a price-to-earnings-growth ratio of 1.07 and a beta of 1.16. The firm’s fifty day moving average price is $41.62 and its 200 day moving average price is $47.29. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.81 and a quick ratio of 0.80. Wells Fargo & Company has a 12 month low of $36.54 and a 12 month high of $60.30.
Wells Fargo & Company (NYSE:WFC – Get Rating) last posted its earnings results on Friday, July 15th. The financial services provider reported $0.74 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.14). Wells Fargo & Company had a net margin of 22.52% and a return on equity of 10.67%. The firm had revenue of $17.03 billion during the quarter, compared to analyst estimates of $17.54 billion. During the same quarter in the previous year, the firm earned $1.38 earnings per share. The business’s revenue for the quarter was down 16.0% compared to the same quarter last year.
Institutional Trading of Wells Fargo & Company
A number of institutional investors have recently made changes to their positions in the stock. Gibson Wealth Advisors LLC bought a new position in Wells Fargo & Company in the fourth quarter worth $25,000. FNY Investment Advisers LLC purchased a new position in Wells Fargo & Company in the first quarter worth about $25,000. Financial Management Professionals Inc. raised its stake in shares of Wells Fargo & Company by 193.3% in the first quarter. Financial Management Professionals Inc. now owns 522 shares of the financial services provider’s stock worth $25,000 after buying an additional 344 shares during the period. KRS Capital Management LLC bought a new position in shares of Wells Fargo & Company in the fourth quarter worth about $28,000. Finally, Addison Advisors LLC raised its stake in Wells Fargo & Company by 141.0% during the 4th quarter. Addison Advisors LLC now owns 629 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 368 shares during the period. Hedge funds and other institutional investors own 74.01% of the company’s stock.
Insider Buying and Selling
In other news, EVP Kleber Santos sold 22,700 shares of the company’s stock in a transaction dated Tuesday, May 3rd. The stock was sold at an average price of $44.44, for a total transaction of $1,008,788.00. Following the sale, the executive vice president now directly owns 21,478 shares in the company, valued at $954,482.32. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.05% of the stock is owned by insiders.
Wells Fargo & Company Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Friday, August 5th will be issued a $0.30 dividend. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend is Thursday, August 4th. Wells Fargo & Company’s payout ratio is 23.98%.
Wells Fargo & Company Company Profile
Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.
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