Wells Fargo & Company (NYSE:WFC) Plans $0.35 Quarterly Dividend

Wells Fargo & Company (NYSE:WFC) announced a quarterly dividend on Tuesday, April 30th, RTT News reports. Shareholders 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 of this dividend is Thursday, May 9th.

Wells Fargo & Company has increased its dividend by an average of 2.1% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. Wells Fargo & Company has a payout ratio of 25.5% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Down 0.4 %

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

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.10. The firm had revenue of $20.86 billion during the quarter, compared to analyst estimates of $20.19 billion. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The company’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the business earned $1.23 earnings per share. As a group, equities research analysts predict that Wells Fargo & Company will post 5.08 earnings per share for the current year.

Analysts Set New Price Targets

WFC has been the subject of a number of recent research reports. Evercore ISI lifted their price objective on shares of Wells Fargo & Company from $58.00 to $67.00 and gave the company an “outperform” rating in a research note on Thursday, March 28th. StockNews.com upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. Morgan Stanley raised their target price on Wells Fargo & Company from $63.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. Argus upped their price target on Wells Fargo & Company from $57.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Finally, The Goldman Sachs Group increased their price target on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Fourteen equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Hold” and a consensus target price of $58.99.

About Wells Fargo & Company

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.