Wells Fargo & Company (NYSE:WFC) Posts Earnings Results, Beats Expectations By $0.08 EPS

Wells Fargo & Company (NYSE:WFC) announced its quarterly earnings data on Wednesday. The financial services provider reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.08, Zacks reports. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%.

Wells Fargo & Company Stock Up 0.8 %

WFC stock opened at $71.07 on Wednesday. Wells Fargo & Company has a fifty-two week low of $46.12 and a fifty-two week high of $78.13. The company has a market capitalization of $236.63 billion, a price-to-earnings ratio of 14.78, a price-to-earnings-growth ratio of 1.47 and a beta of 1.18. The business’s 50 day moving average price is $72.41 and its two-hundred day moving average price is $63.15. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.85 and a current ratio of 0.85.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Shareholders of record on Friday, November 8th were given a dividend of $0.40 per share. The ex-dividend date was Friday, November 8th. This represents a $1.60 annualized dividend and a yield of 2.25%. Wells Fargo & Company’s payout ratio is 33.26%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Citigroup lifted their target price on shares of Wells Fargo & Company from $67.00 to $82.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 19th. Evercore ISI boosted their target price on Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Wolfe Research upgraded Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target on the stock in a research report on Tuesday, October 8th. Truist Financial initiated coverage on Wells Fargo & Company in a research note on Tuesday, January 7th. They issued a “buy” rating and a $82.00 price target on the stock. Finally, The Goldman Sachs Group increased their price objective on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Twelve analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Wells Fargo & Company currently has an average rating of “Moderate Buy” and an average price target of $69.92.

About Wells Fargo & Company

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.