Wells Fargo & Company (NYSE:WFC) Sees Strong Trading Volume After Better-Than-Expected Earnings

Wells Fargo & Company (NYSE:WFC) shares saw an uptick in trading volume on Wednesday after the company announced better than expected quarterly earnings. 8,474,453 shares were traded during trading, a decline of 33% from the previous session’s volume of 12,725,662 shares.The stock last traded at $75.05 and had previously closed at $71.19.

The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.09. The company had revenue of $20.38 billion for the quarter, compared to analyst estimates of $20.58 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The business’s quarterly revenue was down .5% on a year-over-year basis. During the same period last year, the business posted $0.86 EPS.

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were given a $0.40 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.60 annualized dividend and a yield of 2.11%. Wells Fargo & Company’s dividend payout ratio is 33.26%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Barclays raised their price objective on shares of Wells Fargo & Company from $75.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Keefe, Bruyette & Woods raised their price objective on shares of Wells Fargo & Company from $61.00 to $79.00 and gave the stock a “market perform” rating in a report on Tuesday, December 3rd. Morgan Stanley reduced their price objective on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a report on Monday, September 30th. Compass Point raised their price objective on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Finally, UBS Group raised their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Twelve investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $69.92.

Hedge Funds Weigh In On Wells Fargo & Company

Institutional investors have recently modified their holdings of the stock. Mattson Financial Services LLC bought a new position in shares of Wells Fargo & Company in the second quarter worth about $25,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Wells Fargo & Company during the 2nd quarter worth approximately $26,000. Truvestments Capital LLC acquired a new stake in shares of Wells Fargo & Company during the 3rd quarter worth approximately $29,000. Modus Advisors LLC acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $30,000. Finally, Decker Retirement Planning Inc. acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $32,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Performance

The firm’s 50-day moving average price is $72.41 and its 200 day moving average price is $63.15. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market cap of $252.58 billion, a price-to-earnings ratio of 15.77, a PEG ratio of 1.47 and a beta of 1.18.

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.