Wells Fargo & Company (NYSE:WFC) Hits New 52-Week High – Here’s What Happened

Wells Fargo & Company (NYSE:WFC) hit a new 52-week high during trading on Friday . The stock traded as high as $74.36 and last traded at $74.31, with a volume of 14338138 shares traded. The stock had previously closed at $72.80.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research note on Tuesday, September 3rd. Piper Sandler lifted their target price on Wells Fargo & Company from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Morgan Stanley lowered their target price on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research report on Monday, September 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $61.00 price objective on shares of Wells Fargo & Company in a research note on Monday, October 14th. Finally, Compass Point upped their target price on Wells Fargo & Company from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Thirteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $62.12.

Wells Fargo & Company Price Performance

The firm has a 50-day simple moving average of $60.77 and a two-hundred day simple moving average of $59.20. The company has a market capitalization of $247.51 billion, a price-to-earnings ratio of 15.30, a P/E/G ratio of 1.52 and a beta of 1.14. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.14. The company had revenue of $20.37 billion for the quarter, compared to analysts’ expectations of $20.40 billion. Wells Fargo & Company had a return on equity of 12.25% and a net margin of 14.43%. Wells Fargo & Company’s revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.39 EPS. As a group, analysts predict that Wells Fargo & Company will post 5.42 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date is Friday, November 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is 33.26%.

Insider Buying and Selling at Wells Fargo & Company

In other news, EVP Beurden Saul Van sold 35,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $61.99, for a total transaction of $2,169,650.00. Following the transaction, the executive vice president now directly owns 126,687 shares in the company, valued at approximately $7,853,327.13. This trade represents a 21.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total transaction of $3,822,000.00. Following the completion of the transaction, the executive vice president now owns 163,610 shares in the company, valued at approximately $10,421,957. This represents a 26.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wells Fargo & Company

Several institutional investors have recently modified their holdings of the company. Income Research & Management purchased a new stake in Wells Fargo & Company in the 3rd quarter worth approximately $211,000. Mattson Financial Services LLC bought a new position in shares of Wells Fargo & Company in the 2nd quarter worth about $25,000. Strategic Investment Solutions Inc. IL acquired a new stake in Wells Fargo & Company in the 2nd quarter valued at approximately $26,000. Truvestments Capital LLC acquired a new stake in shares of Wells Fargo & Company in the third quarter valued at $29,000. Finally, FSA Wealth Management LLC acquired a new stake in shares of Wells Fargo & Company during the third quarter worth $34,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Company Profile

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.