Wells Fargo & Company (NYSE:WFC) Announces Earnings Results, Beats Expectations By $0.14 EPS

Wells Fargo & Company (NYSE:WFC) issued its earnings results on Friday. The financial services provider reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14, RTT News reports. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The firm had revenue of $20.37 billion for the quarter, compared to the consensus estimate of $20.40 billion. During the same quarter in the previous year, the company posted $1.39 earnings per share. The business’s quarterly revenue was down 2.4% compared to the same quarter last year.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock opened at $60.99 on Friday. The stock has a market capitalization of $212.63 billion, a price-to-earnings ratio of 12.52, a P/E/G ratio of 1.46 and a beta of 1.16. The firm’s 50-day moving average price is $55.39 and its two-hundred day moving average price is $57.78. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11. Wells Fargo & Company has a 1-year low of $38.58 and a 1-year high of $62.55.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were issued a dividend of $0.40 per share. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend was Friday, August 9th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 32.85%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. The Goldman Sachs Group dropped their price objective on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Wolfe Research upgraded shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and set a $65.00 price target on the stock in a report on Tuesday. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a report on Tuesday, September 3rd. Keefe, Bruyette & Woods cut their target price on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a report on Monday, July 15th. Finally, Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and decreased their price target for the stock from $62.00 to $59.00 in a research note on Friday, August 16th. Twelve research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Wells Fargo & Company has a consensus rating of “Hold” and a consensus target price of $60.65.

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.