Wells Fargo & Company (NYSE:WFC) Declares Quarterly Dividend of $0.50

Wells Fargo & Company (NYSE:WFC) declared a quarterly dividend on Tuesday, October 27th. Investors of record on Friday, November 6th will be given a dividend of $0.50 per share by the financial services provider on Tuesday, December 1st. This represents a $2.00 annualized dividend and a yield of 2.4%. The ex-dividend date is Friday, November 6th.

Wells Fargo & Company has raised its dividend payment by an average of 0.1% annually over the last three years and has raised its dividend every year for the last 4 years. Wells Fargo & Company has a payout ratio of 30.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Wells Fargo & Company to earn $8.03 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 24.9%.

Wells Fargo & Company Stock Up 0.1%

NYSE WFC opened at $82.72 on Wednesday. The stock has a market cap of $250.14 billion, a PE ratio of 11.67 and a beta of 0.96. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76. The business has a 50 day moving average price of $84.43 and a two-hundred day moving average price of $83.87.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, October 13th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.02. The firm had revenue of $21.87 billion during the quarter, compared to analyst estimates of $22.30 billion. The firm’s revenue was up 2.0% compared to the same quarter last year. During the same period last year, the business earned $1.66 EPS. Sell-side analysts anticipate that Wells Fargo & Company will post 7.27 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on WFC. UBS Group decreased their target price on shares of Wells Fargo & Company from $104.00 to $102.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Truist Financial raised their price target on shares of Wells Fargo & Company from $94.00 to $95.00 and gave the company a “buy” rating in a report on Thursday, October 1st. Citigroup dropped their price target on shares of Wells Fargo & Company from $90.00 to $88.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 14th. Raymond James Financial reiterated a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Finally, HSBC initiated coverage on shares of Wells Fargo & Company in a report on Monday, September 28th. They issued a “buy” rating and a $108.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average target price of $98.08.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and financial management services to individuals, businesses, and institutions. Its offerings include deposit accounts, residential and commercial lending, credit cards, payments, treasury management, and other banking products.

The company also provides wealth and investment management services, including financial planning, brokerage, advisory, and private banking solutions.