Wells Fargo & Company (NYSE:WFC) declared a quarterly dividend on Tuesday, October 24th, RTT News reports. Stockholders of record on Friday, November 3rd will be paid a dividend of 0.39 per share by the financial services provider on Friday, December 1st. This represents a $1.56 annualized dividend and a dividend yield of 2.84%.

Wells Fargo & has increased its dividend payment by an average of 9.6% per year over the last three years and has increased its dividend every year for the last 5 years. Wells Fargo & has a payout ratio of 38.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Wells Fargo & to earn $4.32 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 36.1%.

Shares of Wells Fargo & (NYSE WFC) traded up 0.810% during trading on Tuesday, hitting $55.355. The stock had a trading volume of 13,600,796 shares. The stock’s 50 day moving average is $53.48 and its 200 day moving average is $53.47. The stock has a market capitalization of $272.78 billion, a price-to-earnings ratio of 14.304 and a beta of 0.97. Wells Fargo & has a 52 week low of $44.49 and a 52 week high of $59.99.

Wells Fargo & (NYSE:WFC) last released its quarterly earnings data on Friday, October 13th. The financial services provider reported $0.84 EPS for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.20). The firm had revenue of $21.93 billion during the quarter, compared to the consensus estimate of $22.30 billion. Wells Fargo & had a net margin of 22.00% and a return on equity of 12.59%. Wells Fargo &’s quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.03 EPS. On average, equities research analysts expect that Wells Fargo & will post $3.96 earnings per share for the current fiscal year.

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WFC has been the subject of a number of recent research reports. Keefe, Bruyette & Woods set a $61.00 price objective on shares of Wells Fargo & and gave the stock a “buy” rating in a research note on Friday, August 25th. UBS AG set a $57.00 price objective on shares of Wells Fargo & and gave the stock a “neutral” rating in a research note on Friday, October 6th. BMO Capital Markets increased their price objective on shares of Wells Fargo & from $49.00 to $50.00 and gave the stock a “market perform” rating in a research note on Monday, October 16th. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating on shares of Wells Fargo & in a report on Wednesday, October 11th. Finally, Zacks Investment Research raised shares of Wells Fargo & from a “sell” rating to a “hold” rating in a report on Monday, July 10th. Six equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $57.20.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Highland Private Wealth Management boosted its position in Wells Fargo & by 1.0% during the 2nd quarter. Highland Private Wealth Management now owns 4,481 shares of the financial services provider’s stock valued at $248,000 after buying an additional 43 shares during the period. Courier Capital LLC boosted its position in Wells Fargo & by 0.4% during the 2nd quarter. Courier Capital LLC now owns 38,222 shares of the financial services provider’s stock valued at $2,118,000 after buying an additional 137 shares during the period. Meridian Investment Counsel Inc. boosted its position in Wells Fargo & by 1.1% during the 2nd quarter. Meridian Investment Counsel Inc. now owns 17,895 shares of the financial services provider’s stock valued at $992,000 after buying an additional 200 shares during the period. Monetary Management Group Inc. boosted its position in Wells Fargo & by 0.9% during the 2nd quarter. Monetary Management Group Inc. now owns 23,023 shares of the financial services provider’s stock valued at $1,276,000 after buying an additional 200 shares during the period. Finally, South Texas Money Management Ltd. boosted its position in Wells Fargo & by 6.5% during the 2nd quarter. South Texas Money Management Ltd. now owns 6,908 shares of the financial services provider’s stock valued at $383,000 after buying an additional 423 shares during the period. 75.02% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & declared that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $11.50 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

About Wells Fargo &

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.

Dividend History for Wells Fargo & (NYSE:WFC)

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