Wells Fargo & Company (NYSE:WFC)’s share price hit a new 52-week high during trading on Monday following a better than expected earnings announcement. The company traded as high as $62.57 and last traded at $62.09, with a volume of 3613041 shares changing hands. The stock had previously closed at $60.99.
The financial services provider reported $1.42 EPS for the quarter, topping the consensus estimate of $1.28 by $0.14. The business had revenue of $20.37 billion during the quarter, compared to analysts’ expectations of $20.40 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period last year, the company posted $1.39 earnings per share.
Wells Fargo & Company Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were issued a dividend of $0.40 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a dividend yield of 2.57%. The ex-dividend date of this dividend was Friday, August 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 32.85%.
Wall Street Analyst Weigh In
View Our Latest Report on Wells Fargo & Company
Institutional Investors Weigh In On Wells Fargo & Company
Several institutional investors and hedge funds have recently bought and sold shares of the business. John W. Brooker & Co. CPAs increased its holdings in Wells Fargo & Company by 2.5% in the 2nd quarter. John W. Brooker & Co. CPAs now owns 7,075 shares of the financial services provider’s stock valued at $420,000 after buying an additional 171 shares during the period. McAdam LLC increased its holdings in Wells Fargo & Company by 3.3% in the 2nd quarter. McAdam LLC now owns 5,609 shares of the financial services provider’s stock valued at $333,000 after buying an additional 178 shares during the period. Eclectic Associates Inc. ADV grew its holdings in shares of Wells Fargo & Company by 1.2% in the 3rd quarter. Eclectic Associates Inc. ADV now owns 15,452 shares of the financial services provider’s stock worth $873,000 after purchasing an additional 178 shares during the last quarter. Prentice Wealth Management LLC grew its holdings in shares of Wells Fargo & Company by 2.0% in the 2nd quarter. Prentice Wealth Management LLC now owns 9,426 shares of the financial services provider’s stock worth $560,000 after purchasing an additional 184 shares during the last quarter. Finally, Clearstead Trust LLC grew its holdings in shares of Wells Fargo & Company by 13.0% in the 1st quarter. Clearstead Trust LLC now owns 1,617 shares of the financial services provider’s stock worth $94,000 after purchasing an additional 186 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.
Wells Fargo & Company Trading Up 1.9 %
The company’s fifty day moving average price is $55.59 and its two-hundred day moving average price is $57.82. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11. The firm has a market cap of $216.71 billion, a P/E ratio of 12.76, a price-to-earnings-growth ratio of 1.46 and a beta of 1.16.
About Wells Fargo & Company
Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.
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