Wells Fargo & Company (NYSE:WFC) Hits New 52-Week High at $58.75

Wells Fargo & Company (NYSE:WFC) shares hit a new 52-week high on Thursday . The company traded as high as $58.75 and last traded at $58.67, with a volume of 5376050 shares trading hands. The stock had previously closed at $57.18.

Wall Street Analyst Weigh In

WFC has been the subject of a number of research reports. Jefferies Financial Group boosted their target price on shares of Wells Fargo & Company from $52.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Barclays boosted their target price on shares of Wells Fargo & Company from $54.00 to $66.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. StockNews.com upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. Morgan Stanley boosted their target price on shares of Wells Fargo & Company from $63.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Finally, Piper Sandler reduced their price objective on Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, January 16th. Thirteen equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company has a consensus rating of “Hold” and an average price target of $58.85.

Wells Fargo & Company Price Performance

The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14. The firm has a market cap of $213.68 billion, a PE ratio of 12.60, a price-to-earnings-growth ratio of 1.14 and a beta of 1.19. The stock has a 50 day simple moving average of $55.88 and a 200-day simple moving average of $48.82.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The business had revenue of $20.86 billion during the quarter, compared to analyst estimates of $20.19 billion. During the same quarter in the prior year, the business posted $1.23 EPS. Wells Fargo & Company’s revenue for the quarter was up .6% compared to the same quarter last year. Equities analysts anticipate that Wells Fargo & Company will post 5.06 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 2nd were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date was Thursday, February 1st. Wells Fargo & Company’s payout ratio is 29.23%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Core Wealth Advisors Inc. purchased a new stake in Wells Fargo & Company in the 4th quarter worth about $25,000. Arlington Trust Co LLC purchased a new stake in Wells Fargo & Company in the 4th quarter worth about $25,000. Tennessee Valley Asset Management Partners purchased a new stake in Wells Fargo & Company in the 4th quarter worth about $29,000. Fortis Group Advisors LLC purchased a new stake in Wells Fargo & Company in the 3rd quarter worth about $25,000. Finally, Transcendent Capital Group LLC purchased a new stake in Wells Fargo & Company in the 4th quarter worth about $32,000. Institutional investors own 75.90% of the company’s stock.

About Wells Fargo & Company

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.