Wells Fargo & Company (WFC) to Issue Quarterly Dividend of $0.50 on September 1st

Wells Fargo & Company (NYSE:WFC) declared a quarterly dividend on Tuesday, July 28th. Investors of record on Friday, August 7th will be given a dividend of 0.50 per share by the financial services provider on Tuesday, September 1st. This represents a c) dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Friday, August 7th. This is a 11.1% increase from Wells Fargo & Company’s previous quarterly dividend of $0.45.

Wells Fargo & Company has raised its dividend payment by an average of 0.1%per year over the last three years and has increased 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. Research analysts expect Wells Fargo & Company to earn $7.93 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 25.2%.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $88.36 on Wednesday. The company has a 50-day simple moving average of $84.22 and a two-hundred day simple moving average of $83.04. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $267.19 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 0.96 and a beta of 0.92. Wells Fargo & Company has a one year low of $72.78 and a one year high of $97.76.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.23. The firm had revenue of $22.62 billion during the quarter, compared to analyst estimates of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The business’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.60 EPS. On average, analysts anticipate that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on WFC. Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. UBS Group lowered their price objective on Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. JPMorgan Chase & Co. upped their price target on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Piper Sandler reissued an “overweight” rating and set a $94.00 price target (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. Finally, Barclays reduced their price objective on Wells Fargo & Company from $113.00 to $108.00 and set an “overweight” rating for the company in a report on Wednesday, April 15th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.61.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.