Wells Fargo & Company (NYSE:WFC) Posts Quarterly Earnings Results, Beats Expectations By $0.29 EPS

Wells Fargo & Company (NYSE:WFC) issued its earnings results on Friday. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.09 by $0.29, Briefing.com reports. The company had revenue of $20.86 billion during the quarter, compared to analyst estimates of $18.61 billion. Wells Fargo & Company had a return on equity of 11.20% and a net margin of 23.82%. The firm’s quarterly revenue was up 12.8% on a year-over-year basis. During the same quarter last year, the business posted $0.64 EPS.

NYSE:WFC opened at $56.00 on Friday. The firm’s 50 day moving average is $50.18 and its two-hundred day moving average is $48.10. Wells Fargo & Company has a fifty-two week low of $29.68 and a fifty-two week high of $57.18. The company has a quick ratio of 0.81, a current ratio of 0.82 and a debt-to-equity ratio of 0.95. The company has a market cap of $229.96 billion, a P/E ratio of 13.21, a P/E/G ratio of 1.45 and a beta of 1.30.

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 1st. Investors of record on Friday, November 5th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, November 4th. This represents a $0.80 dividend on an annualized basis and a yield of 1.43%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 18.87%.

A number of equities analysts recently issued reports on WFC shares. Jefferies Financial Group raised their target price on Wells Fargo & Company from $51.00 to $57.00 and gave the stock a “buy” rating in a research note on Monday, October 11th. TheStreet upgraded Wells Fargo & Company from a “c+” rating to a “b-” rating in a research note on Thursday, October 14th. Barclays upgraded Wells Fargo & Company from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $50.00 to $62.00 in a research note on Monday, January 3rd. Raymond James increased their price target on Wells Fargo & Company from $55.00 to $58.00 and gave the stock an “outperform” rating in a research report on Thursday, December 9th. Finally, JPMorgan Chase & Co. increased their price target on Wells Fargo & Company from $53.50 to $57.00 and gave the stock a “neutral” rating in a research report on Thursday, January 6th. Three investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Wells Fargo & Company has a consensus rating of “Buy” and an average price target of $52.24.

A hedge fund recently raised its stake in Wells Fargo & Company stock. Comerica Bank raised its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 77.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,403,484 shares of the financial services provider’s stock after acquiring an additional 613,140 shares during the quarter. Comerica Bank’s holdings in Wells Fargo & Company were worth $68,405,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 69.47% of the company’s stock.

About Wells Fargo & Company

Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance. It firm operates through the following segments: Community Banking, Wholesale Banking, Wealth & Investment Management, and Other.

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Earnings History for Wells Fargo & Company (NYSE:WFC)

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