Wells Fargo & Company (NYSE:WFC) Shares Down 2.9% – Should You Sell?

Wells Fargo & Company (NYSE:WFC) fell 2.9% during mid-day trading on Friday . The stock traded as low as $70.07 and last traded at $70.17. 3,476,885 shares traded hands during trading, a decline of 79% from the average session volume of 16,328,833 shares. The stock had previously closed at $72.28.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. UBS Group increased their target price on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Citigroup cut their price objective on Wells Fargo & Company from $82.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday. Keefe, Bruyette & Woods boosted their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a “market perform” rating in a report on Thursday, January 16th. Truist Financial raised their price target on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Finally, Piper Sandler boosted their price objective on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Ten investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus target price of $74.18.

Wells Fargo & Company Trading Down 2.5 %

The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The business has a 50 day simple moving average of $75.97 and a two-hundred day simple moving average of $69.80. The stock has a market cap of $230.13 billion, a price-to-earnings ratio of 13.10, a price-to-earnings-growth ratio of 1.18 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The business had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The business’s quarterly revenue was down .5% compared to the same quarter last year. During the same quarter last year, the company earned $0.86 earnings per share. As a group, equities analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.27%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company’s payout ratio is currently 29.74%.

Institutional Investors Weigh In On Wells Fargo & Company

A number of institutional investors have recently modified their holdings of WFC. Fisher Asset Management LLC increased its holdings in shares of Wells Fargo & Company by 13.8% in the 3rd quarter. Fisher Asset Management LLC now owns 24,833 shares of the financial services provider’s stock valued at $1,403,000 after acquiring an additional 3,016 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Wells Fargo & Company during the third quarter worth $256,000. Truvestments Capital LLC bought a new position in shares of Wells Fargo & Company in the 3rd quarter worth about $29,000. CreativeOne Wealth LLC boosted its holdings in shares of Wells Fargo & Company by 51.7% in the 3rd quarter. CreativeOne Wealth LLC now owns 9,637 shares of the financial services provider’s stock valued at $544,000 after buying an additional 3,285 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Wells Fargo & Company by 14.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,027,696 shares of the financial services provider’s stock valued at $58,055,000 after buying an additional 131,322 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

About Wells Fargo & Company

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.