Wells Fargo & Co. Announces Quarterly Dividend of $0.35 (WFC)
Wells Fargo & Co. (NYSE:WFC) announced a quarterly dividend on Tuesday, April 29th, Analyst RN reports. Investors of record on Friday, May 9th will be paid a dividend of 0.35 per share on Sunday, June 1st. This represents a $1.40 annualized dividend and a dividend yield of 2.83%.
A number of research firms have recently commented on WFC. Analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Wells Fargo & Co. in a research note on Tuesday. They now have a $53.00 price target on the stock. On the ratings front, analysts at Deutsche Bank reiterated a “hold” rating on shares of Wells Fargo & Co. in a research note on Thursday, April 24th. They now have a $51.00 price target on the stock. Finally, analysts at BMO Capital Markets upgraded shares of Wells Fargo & Co. from a “market perform” rating to an “outperform” rating in a research note on Friday. They now have a $55.00 price target on the stock, up previously from $53.00. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $48.54.
Shares of Wells Fargo & Co. (NYSE:WFC) traded up 1.08% on Tuesday, hitting $49.47. The stock had a trading volume of 14,745,844 shares. Wells Fargo & Co. has a 52 week low of $37.29 and a 52 week high of $50.49. The stock’s 50-day moving average is $48.79 and its 200-day moving average is $45.65. The company has a market cap of $260.5 billion and a price-to-earnings ratio of 12.17. Wells Fargo & Co. also was the recipient of a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 35,938,847 shares, a growth of 8.3% from the March 31st total of 33,183,206 shares. Currently, 0.7% of the shares of the company are sold short. Based on an average trading volume of 19,983,292 shares, the days-to-cover ratio is currently 1.8 days.
Wells Fargo & Co. (NYSE:WFC) last announced its earnings results on Friday, April 11th. The company reported $1.05 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.96 by $0.09. The company had revenue of $20.60 billion for the quarter, compared to the consensus estimate of $20.60 billion. During the same quarter in the prior year, the company posted $0.92 earnings per share. The company’s quarterly revenue was down 3.0% on a year-over-year basis. Analysts expect that Wells Fargo & Co. will post $4.08 EPS for the current fiscal year.
In other Wells Fargo & Co. news, VP Richard Levy unloaded 45,000 shares of the stock on the open market in a transaction dated Monday, April 21st. The stock was sold at an average price of $49.04, for a total value of $2,206,800.00. Following the completion of the transaction, the vice president now directly owns 55,167 shares in the company, valued at approximately $2,705,390. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Wells Fargo & Company is a bank holding company. It has three operating segments: Community Banking, Wholesale Banking and Wealth, and Brokerage and Retirement.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.