Wells Fargo & Company (NYSE:WFC) Hits New 12-Month High – Time to Buy?

Wells Fargo & Company (NYSE:WFC) reached a new 52-week high on Monday . The stock traded as high as $87.62 and last traded at $87.2360, with a volume of 422656 shares changing hands. The stock had previously closed at $86.97.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on WFC shares. Citigroup lifted their target price on Wells Fargo & Company from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Tuesday, September 23rd. Dbs Bank upgraded Wells Fargo & Company to a “moderate buy” rating in a research note on Tuesday, October 21st. Cfra Research upgraded Wells Fargo & Company to a “moderate buy” rating in a research note on Wednesday, October 15th. Morgan Stanley lifted their price objective on Wells Fargo & Company from $95.00 to $97.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 15th. Finally, The Goldman Sachs Group decreased their target price on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Eleven research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.57.

Wells Fargo & Company Price Performance

The company has a 50-day moving average price of $83.00 and a 200-day moving average price of $79.01. The firm has a market capitalization of $281.72 billion, a PE ratio of 14.46, a P/E/G ratio of 1.18 and a beta of 1.22. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.11. The firm had revenue of $21.44 billion for the quarter, compared to the consensus estimate of $21.11 billion. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.42 earnings per share. Sell-side analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 7th will be paid a dividend of $0.45 per share. The ex-dividend date is Friday, November 7th. This represents a $1.80 annualized dividend and a yield of 2.0%. Wells Fargo & Company’s dividend payout ratio is currently 29.61%.

Institutional Investors Weigh In On Wells Fargo & Company

Large investors have recently modified their holdings of the stock. Access Investment Management LLC acquired a new stake in shares of Wells Fargo & Company in the second quarter valued at about $25,000. Marquette Asset Management LLC grew its stake in shares of Wells Fargo & Company by 472.4% in the third quarter. Marquette Asset Management LLC now owns 332 shares of the financial services provider’s stock valued at $28,000 after buying an additional 274 shares in the last quarter. McElhenny Sheffield Capital Management LLC acquired a new stake in shares of Wells Fargo & Company in the second quarter valued at about $27,000. Grey Fox Wealth Advisors LLC purchased a new position in Wells Fargo & Company in the third quarter valued at about $30,000. Finally, CBIZ Investment Advisory Services LLC boosted its holdings in Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 322 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

About Wells Fargo & Company

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.