Hennessy Advisors Inc. Has $7.29 Million Holdings in Wells Fargo & Company $WFC

Hennessy Advisors Inc. decreased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 1.1% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 91,000 shares of the financial services provider’s stock after selling 1,000 shares during the period. Hennessy Advisors Inc.’s holdings in Wells Fargo & Company were worth $7,291,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. CBIZ Investment Advisory Services LLC grew its position in shares of Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock worth $27,000 after buying an additional 322 shares during the period. Accent Capital Management LLC acquired a new stake in shares of Wells Fargo & Company during the 1st quarter worth approximately $29,000. Motco grew its position in shares of Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after buying an additional 326 shares during the period. Nova Wealth Management Inc. grew its position in shares of Wells Fargo & Company by 112.9% during the 2nd quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider’s stock worth $34,000 after buying an additional 227 shares during the period. Finally, 1248 Management LLC acquired a new stake in shares of Wells Fargo & Company during the 1st quarter worth approximately $31,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of WFC opened at $80.63 on Friday. Wells Fargo & Company has a 12-month low of $55.98 and a 12-month high of $86.65. The business’s fifty day moving average is $80.77 and its 200 day moving average is $76.28. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The stock has a market cap of $258.28 billion, a P/E ratio of 13.81, a P/E/G ratio of 1.24 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business had revenue of $20.82 billion for the quarter, compared to analysts’ expectations of $20.83 billion. During the same period last year, the business earned $1.33 EPS. The business’s revenue was up .6% on a year-over-year basis. Sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were paid a dividend of $0.45 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.2%. Wells Fargo & Company’s dividend payout ratio (DPR) is 30.82%.

Wall Street Analyst Weigh In

Several analysts have recently commented on WFC shares. The Goldman Sachs Group reduced their price objective on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a research report on Wednesday, July 16th. Phillip Securities downgraded shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Evercore ISI increased their target price on Wells Fargo & Company from $94.00 to $98.00 and gave the stock an “outperform” rating in a report on Tuesday. Truist Financial increased their target price on Wells Fargo & Company from $86.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Finally, Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average target price of $83.74.

Wells Fargo & Company Company Profile

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.