Wells Fargo & Company (NYSE:WFC) Hits New 1-Year High – What’s Next?

Wells Fargo & Company (NYSE:WFC) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $79.84 and last traded at $78.69, with a volume of 905483 shares trading hands. The stock had previously closed at $78.14.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on WFC shares. The Goldman Sachs Group raised their price target on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. UBS Group boosted their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Phillip Securities raised shares of Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and increased their price target for the company from $60.83 to $65.00 in a research report on Tuesday, October 15th. Evercore ISI lifted their price objective on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, Piper Sandler increased their target price on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $73.39.

Wells Fargo & Company Stock Up 1.1 %

The business has a 50 day simple moving average of $73.61 and a 200 day simple moving average of $64.92. The company has a market capitalization of $263.13 billion, a price-to-earnings ratio of 14.70, a PEG ratio of 1.19 and a beta of 1.18. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 15.73% and a return on equity of 12.38%. The business’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.86 earnings per share. As a group, equities analysts predict that Wells Fargo & Company will post 5.84 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 Saturday, March 1st. Shareholders of record on Tuesday, January 7th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.02%. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.74%.

Hedge Funds Weigh In On Wells Fargo & Company

Institutional investors have recently modified their holdings of the business. Crestwood Advisors Group LLC grew its position in Wells Fargo & Company by 8.8% during the 4th quarter. Crestwood Advisors Group LLC now owns 40,277 shares of the financial services provider’s stock worth $2,829,000 after purchasing an additional 3,260 shares during the last quarter. Mainstay Capital Management LLC ADV grew its holdings in shares of Wells Fargo & Company by 30.9% during the fourth quarter. Mainstay Capital Management LLC ADV now owns 19,832 shares of the financial services provider’s stock worth $1,393,000 after buying an additional 4,680 shares during the last quarter. Colonial River Investments LLC increased its position in Wells Fargo & Company by 5.3% in the 4th quarter. Colonial River Investments LLC now owns 14,537 shares of the financial services provider’s stock valued at $1,021,000 after acquiring an additional 730 shares during the period. Y Intercept Hong Kong Ltd raised its stake in Wells Fargo & Company by 10.1% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 100,599 shares of the financial services provider’s stock valued at $7,066,000 after acquiring an additional 9,269 shares during the last quarter. Finally, Partners Wealth Management LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter valued at approximately $363,000. 75.90% of the stock is owned by institutional investors and hedge funds.

About Wells Fargo & Company

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.