Wells Fargo & Company (NYSE:WFC) Shares Down 2.7% – Time to Sell?

Wells Fargo & Company (NYSE:WFC)’s share price was down 2.7% on Wednesday . The stock traded as low as $59.56 and last traded at $60.42. Approximately 7,717,550 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 17,366,220 shares. The stock had previously closed at $62.08.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on WFC shares. Morgan Stanley boosted their target price on Wells Fargo & Company from $79.00 to $80.00 and gave the company an “overweight” rating in a research report on Monday. Citigroup cut their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Barclays raised their target price on Wells Fargo & Company from $90.00 to $92.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Bank of America cut their price target on shares of Wells Fargo & Company from $85.00 to $83.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Finally, Piper Sandler raised shares of Wells Fargo & Company from a “neutral” rating to an “overweight” rating and set a $77.00 price objective for the company in a research note on Tuesday. Eight equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, Wells Fargo & Company presently has an average rating of “Moderate Buy” and an average target price of $75.66.

Wells Fargo & Company Trading Down 1.2 %

The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.86. The company’s 50-day moving average price is $73.17 and its 200-day moving average price is $70.81. The firm has a market capitalization of $203.62 billion, a PE ratio of 11.59, a PEG ratio of 1.18 and a beta of 1.02.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.16. The company had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. Wells Fargo & Company’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.20 EPS. On average, sell-side analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.74%.

Institutional Trading of Wells Fargo & Company

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WFC. Rialto Wealth Management LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter valued at $26,000. Investment Counsel Co. of Nevada purchased a new position in shares of Wells Fargo & Company during the fourth quarter worth about $28,000. BNP Paribas acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $28,000. Rakuten Securities Inc. increased its position in shares of Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 237 shares in the last quarter. Finally, Modus Advisors LLC purchased a new stake in shares of Wells Fargo & Company in the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Company Profile

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.