Wells Fargo & Company (NYSE:WFC) declared a quarterly dividend on Tuesday, July 25th, RTT News reports. Shareholders of record on Friday, August 4th will be given a dividend of 0.39 per share by the financial services provider on Friday, September 1st. This represents a $1.56 annualized dividend and a yield of 3.00%. The ex-dividend date of this dividend is Wednesday, August 2nd. This is a boost from Wells Fargo &’s previous quarterly dividend of $0.38.
Wells Fargo & has increased its dividend by an average of 9.6% per year over the last three years and has raised its dividend every year for the last 5 years. Wells Fargo & has a dividend payout ratio of 37.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Wells Fargo & to earn $4.47 per share next year, which means the company should continue to be able to cover its $1.56 annual dividend with an expected future payout ratio of 34.9%.
Wells Fargo & (NYSE WFC) traded down 0.02% during trading on Friday, reaching $51.94. The company’s stock had a trading volume of 14,714,450 shares. The stock has a market capitalization of $257.83 billion, a PE ratio of 12.79 and a beta of 0.95. The stock has a 50 day moving average price of $54.25 and a 200 day moving average price of $55.00. Wells Fargo & has a 1-year low of $43.55 and a 1-year high of $59.99.
Wells Fargo & (NYSE:WFC) last released its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.05. Wells Fargo & had a return on equity of 12.65% and a net margin of 23.25%. The business had revenue of $22.20 billion for the quarter, compared to the consensus estimate of $22.23 billion. During the same quarter in the prior year, the business posted $1.01 EPS. The business’s revenue for the quarter was up .2% on a year-over-year basis. Analysts anticipate that Wells Fargo & will post $4.17 earnings per share for the current fiscal year.
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In other news, insider Mary T. Mack sold 38,988 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $52.58, for a total transaction of $2,049,989.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Hope A. Hardison sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $52.07, for a total value of $1,041,400.00. Following the transaction, the insider now directly owns 109 shares of the company’s stock, valued at $5,675.63. The disclosure for this sale can be found here. Over the last three months, insiders sold 131,278 shares of company stock valued at $6,940,120. 0.22% of the stock is owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the stock. Veritable L.P. raised its position in Wells Fargo & by 0.8% in the second quarter. Veritable L.P. now owns 297,653 shares of the financial services provider’s stock valued at $16,493,000 after buying an additional 2,398 shares during the period. Bancorpsouth Inc. raised its position in Wells Fargo & by 2.8% in the second quarter. Bancorpsouth Inc. now owns 60,373 shares of the financial services provider’s stock valued at $3,345,000 after buying an additional 1,668 shares during the period. Ally Financial Inc. raised its position in Wells Fargo & by 68.7% in the second quarter. Ally Financial Inc. now owns 140,000 shares of the financial services provider’s stock valued at $7,757,000 after buying an additional 57,000 shares during the period. Global Endowment Management LP raised its position in Wells Fargo & by 281.7% in the second quarter. Global Endowment Management LP now owns 83,200 shares of the financial services provider’s stock valued at $4,610,000 after buying an additional 61,400 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Wells Fargo & by 26.7% in the second quarter. Dimensional Fund Advisors LP now owns 29,838,289 shares of the financial services provider’s stock valued at $1,653,464,000 after buying an additional 6,291,906 shares during the period. 75.85% of the stock is owned by institutional investors.
Wells Fargo & declared that its board has initiated a share repurchase program on Wednesday, June 28th that permits the company to buyback $11.50 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 4.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
A number of research analysts recently issued reports on the company. Evercore ISI dropped their price target on Wells Fargo & from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Friday, May 12th. Jefferies Group LLC reaffirmed a “hold” rating and set a $62.00 price objective on shares of Wells Fargo & in a research report on Monday, May 8th. Vetr cut Wells Fargo & from a “buy” rating to a “hold” rating and set a $57.21 price objective for the company. in a research report on Thursday, May 4th. Instinet decreased their price objective on Wells Fargo & from $65.00 to $64.00 and set a “buy” rating for the company in a research report on Wednesday, April 19th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $62.00 price target on shares of Wells Fargo & in a report on Friday, June 23rd. Six equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Wells Fargo & presently has a consensus rating of “Hold” and a consensus target price of $55.87.
Wells Fargo & Company Profile
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
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