Outlook For Wells Fargo & Co (NYSE:WFC) Remains Positive
Wells Fargo & Co (NYSE:WFC) is also soaring around its 52 week high of $45.53 and is trading almost 39% above its 52 week low of $32.70. Amid the uncertain economic environment the stock has traded almost flat with moderate 2% returns over past one month. Recently the favorable economic data has fueled the current in many of the US stocks, making this Christmas really cheerful for investors.
Economists believe that many data including that of employment, trade and consumer spending favor an opportunity for sustained economic growth in the coming year. In a recent report Commerce Department reported 2.1% fall in new home sales which were reported to a seasonally adjusted annual rate of 464,000 units. Moreover, revised rate of October sales to a 474,000-unit represents the highest ever sales since July 2008.
Despite the sequential fall, home sales in November were close to October’s 17.6% growth figures. Indicator representing planned business spending on capital goods remained at its high in nearly a year and orders for long-lasting manufactured goods also saw a significant growth in November. Durable goods orders also surged 3.5% during the past month.
Wells Fargo & Co (NYSE:WFC) insider and a senior economist with Wells Fargo Securities, Sam Bullard said, “Sentiments were showing things were good but not the hard numbers. Things seemed to have turned now. Businesses going into 2014 are more confident in their outlook.”
Better Dividend Payout
Wells Fargo & Co (NYSE:WFC) is certainly a good bet for investors hooking on high dividend paying stocks. The banking giant has paid a quarterly dividend of $0.30 per share in the recent most quarter which accounts for an annualized yield of 2.64%. This compares to peer banking companies like JPMorgan Chase & Co. (NYSE:JPM) and U.S. Bancorp (NYSE:USB) that pay dividend at an annualized rate of 2.61% and 2.27%, respectively.