Wells Fargo & Company (NYSE:WFC) Hits New 1-Year High – Here’s Why

by · The Cerbat Gem

Wells Fargo & Company (NYSE:WFC)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $91.37 and last traded at $91.42, with a volume of 2103406 shares. The stock had previously closed at $90.69.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on WFC shares. Keefe, Bruyette & Woods increased their price objective on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 15th. Truist Financial lifted their price target on Wells Fargo & Company from $88.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Morgan Stanley upped their price target on Wells Fargo & Company from $95.00 to $97.00 and gave the company an “equal weight” rating in a report on Wednesday, October 15th. Citigroup boosted their price objective on Wells Fargo & Company from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Tuesday, September 23rd. Finally, Barclays upped their target price on Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Eleven investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.04.

Get Our Latest Stock Analysis on Wells Fargo & Company

Wells Fargo & Company Stock Up 0.2%

The stock has a market capitalization of $291.18 billion, a price-to-earnings ratio of 15.26, a price-to-earnings-growth ratio of 0.96 and a beta of 1.11. The firm has a 50 day simple moving average of $85.51 and a 200-day simple moving average of $81.69. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84.

Wells Fargo & Company (NYSE:WFC – Get Free Report) last issued its earnings results on Tuesday, October 14th. The financial services provider reported $1.73 EPS for the quarter, beating the consensus estimate of $1.55 by $0.18. The company had revenue of $21.44 billion for the quarter, compared to the consensus estimate of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.42 EPS. On average, sell-side analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 7th were given a $0.45 dividend. The ex-dividend date was Friday, November 7th. This represents a $1.80 annualized dividend and a yield of 1.9%. Wells Fargo & Company’s payout ratio is presently 29.61%.

Institutional Trading of Wells Fargo & Company

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Livforsakringsbolaget Skandia Omsesidigt lifted its stake in shares of Wells Fargo & Company by 2,735,254.3% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock valued at $76,095,550,000 after purchasing an additional 949,735,001 shares during the period. Vanguard Group Inc. lifted its stake in Wells Fargo & Company by 0.4% in the second quarter. Vanguard Group Inc. now owns 302,092,955 shares of the financial services provider’s stock valued at $24,203,688,000 after buying an additional 1,341,222 shares during the period. Norges Bank bought a new position in Wells Fargo & Company during the second quarter worth about $3,990,551,000. Capital Research Global Investors boosted its holdings in Wells Fargo & Company by 18.6% during the third quarter. Capital Research Global Investors now owns 35,660,903 shares of the financial services provider’s stock worth $2,989,104,000 after buying an additional 5,584,930 shares during the last quarter. Finally, Legal & General Group Plc grew its position in shares of Wells Fargo & Company by 1.9% during the 3rd quarter. Legal & General Group Plc now owns 21,009,237 shares of the financial services provider’s stock worth $1,760,994,000 after buying an additional 399,088 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

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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