Wells Fargo & Company (NYSE:WFC) Stock Crosses Above 200 Day Moving Average – Here’s What Happened

Wells Fargo & Company (NYSE:WFC)’s share price crossed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $83.76 and traded as high as $85.49. Wells Fargo & Company shares last traded at $84.76, with a volume of 10,439,200 shares trading hands.

Analysts Set New Price Targets

WFC has been the topic of several recent analyst reports. Royal Bank Of Canada decreased their price target on Wells Fargo & Company from $100.00 to $92.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 14th. Morgan Stanley dropped their price target on Wells Fargo & Company from $102.00 to $101.00 and set an “overweight” rating for the company in a report on Wednesday, October 14th. JPMorgan Chase & Co. boosted their target price on shares of Wells Fargo & Company from $91.50 to $92.00 and gave the stock a “neutral” rating in a research note on Friday. Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Wells Fargo & Company from $94.00 to $90.00 and set a “market perform” rating on the stock in a report on Wednesday, October 14th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $98.11.

Wells Fargo & Company Stock Down 1.7%

The firm has a market capitalization of $252.17 billion, a P/E ratio of 11.76, a PEG ratio of 0.91 and a beta of 0.96. The firm’s 50 day moving average is $84.33 and its two-hundred day moving average is $83.70. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.89 and a quick ratio of 0.90.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, October 13th. The financial services provider reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.02. Wells Fargo & Company had a net margin of 17.64% and a return on equity of 14.05%. The business had revenue of $21.87 billion for the quarter, compared to analyst estimates of $22.30 billion. During the same quarter in the prior year, the business earned $1.66 EPS. Wells Fargo & Company’s quarterly revenue was up 2.0% on a year-over-year basis. Research analysts predict that Wells Fargo & Company will post 7.27 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 6th will be given a dividend of $0.50 per share. The ex-dividend date is Friday, November 6th. This represents a $2.00 annualized dividend and a yield of 2.4%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 28.21%.

Hedge Funds Weigh In On Wells Fargo & Company

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Next Level Wealth Planning LLC purchased a new stake in shares of Wells Fargo & Company during the third quarter worth about $27,000. Phillip James Consulting Co. acquired a new position in Wells Fargo & Company in the first quarter valued at approximately $28,000. Security National Bank of Sioux City Iowa IA acquired a new position in Wells Fargo & Company in the second quarter valued at approximately $28,000. Main Street Group LTD purchased a new stake in Wells Fargo & Company in the first quarter valued at $29,000. Finally, Dunhill Financial LLC purchased a new stake in Wells Fargo & Company in the second quarter valued at $30,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

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.