Wells Fargo & Company (NYSE:WFC) to Issue Quarterly Dividend of $0.35

Wells Fargo & Company (NYSE:WFC) announced a quarterly dividend on Tuesday, April 30th, RTT News reports. Stockholders of record on Friday, May 10th will be given a dividend of 0.35 per share by the financial services provider on Saturday, June 1st. This represents a $1.40 annualized dividend and a dividend yield of 2.35%.

Wells Fargo & Company has raised its dividend payment by an average of 2.1% annually over the last three years and has increased its dividend every year for the last 3 years. Wells Fargo & Company has a payout ratio of 25.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Wells Fargo & Company to earn $5.47 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 25.6%.

Wells Fargo & Company Price Performance

NYSE:WFC traded down $0.18 during trading hours on Tuesday, reaching $59.62. The stock had a trading volume of 10,219,844 shares, compared to its average volume of 18,959,225. The company has a 50 day moving average price of $57.09 and a two-hundred day moving average price of $49.84. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.86 and a current ratio of 0.87. The stock has a market capitalization of $211.08 billion, a PE ratio of 12.43, a PEG ratio of 1.16 and a beta of 1.19. Wells Fargo & Company has a 52 week low of $36.40 and a 52 week high of $61.76.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The business had revenue of $20.86 billion during the quarter, compared to analyst estimates of $20.19 billion. During the same quarter in the previous year, the business earned $1.23 earnings per share. The company’s revenue for the quarter was up .6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 5.06 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on WFC shares. Evercore ISI upped their target price on shares of Wells Fargo & Company from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $51.00 price target on shares of Wells Fargo & Company in a research report on Tuesday, January 9th. Compass Point restated a “neutral” rating and set a $64.00 price target on shares of Wells Fargo & Company in a research note on Tuesday, April 9th. Oppenheimer reissued a “market perform” rating on shares of Wells Fargo & Company in a research report on Monday, April 15th. Finally, Piper Sandler lowered their price target on shares of Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating for the company in a research report on Tuesday, January 16th. Thirteen investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $58.85.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.