Wells Fargo & Company to Issue Quarterly Dividend of $0.35 (NYSE:WFC)

Wells Fargo & Company (NYSE:WFC) announced a quarterly dividend on Tuesday, April 30th, RTT News reports. Stockholders of record on Friday, May 10th will be paid a dividend of 0.35 per share by the financial services provider on Saturday, June 1st. This represents a $1.40 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Thursday, May 9th.

Wells Fargo & Company has raised its dividend payment by an average of 2.1% annually over the last three years and has raised its dividend every year for the last 3 years. Wells Fargo & Company has a payout ratio of 25.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Wells Fargo & Company to earn $5.50 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 25.5%.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $60.00 on Wednesday. The firm has a market cap of $209.18 billion, a PE ratio of 12.58, a PEG ratio of 1.16 and a beta of 1.18. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14. Wells Fargo & Company has a 1-year low of $37.18 and a 1-year high of $61.76. The company has a fifty day moving average price of $57.86 and a 200 day moving average price of $50.62.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The company had revenue of $20.86 billion for the quarter, compared to analyst estimates of $20.19 billion. During the same period in the previous year, the company posted $1.23 earnings per share. The company’s quarterly revenue was up .6% compared to the same quarter last year. Research analysts predict that Wells Fargo & Company will post 5.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on WFC shares. Morgan Stanley raised their price target on shares of Wells Fargo & Company from $63.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Citigroup reiterated a “neutral” rating and issued a $63.00 price target (up from $57.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 20th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $51.00 price objective on shares of Wells Fargo & Company in a research note on Tuesday, January 9th. Argus raised their target price on shares of Wells Fargo & Company from $57.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, April 15th. Finally, HSBC boosted their price target on Wells Fargo & Company from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Thursday, March 28th. Fourteen investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $58.99.

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.