Highland Capital Management LLC Has $2.13 Million Holdings in Wells Fargo & Company $WFC

Highland Capital Management LLC cut its position in Wells Fargo & Company (NYSE:WFC) by 3.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,586 shares of the financial services provider’s stock after selling 1,015 shares during the period. Highland Capital Management LLC’s holdings in Wells Fargo & Company were worth $2,130,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. CBIZ Investment Advisory Services LLC raised its stake in shares of Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 322 shares during the last quarter. Motco raised its stake in shares of Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 326 shares during the last quarter. Accent Capital Management LLC bought a new position in shares of Wells Fargo & Company in the first quarter worth about $29,000. 1248 Management LLC bought a new position in shares of Wells Fargo & Company in the first quarter worth about $31,000. Finally, Stone House Investment Management LLC bought a new position in shares of Wells Fargo & Company in the first quarter worth about $34,000. 75.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

WFC has been the subject of a number of research analyst reports. Morgan Stanley downgraded shares of Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $87.00 to $90.00 in a research note on Monday, September 29th. The Goldman Sachs Group dropped their price target on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Piper Sandler reissued an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Citigroup boosted their price target on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 23rd. Finally, Truist Financial boosted their price target on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Nine research analysts have rated the stock with a Buy rating and nine have issued 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 Stock Up 0.2%

Shares of NYSE:WFC opened at $80.63 on Friday. Wells Fargo & Company has a 52 week low of $55.98 and a 52 week high of $86.65. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The company has a market capitalization of $258.28 billion, a PE ratio of 13.81, a PEG ratio of 1.24 and a beta of 1.25. The company has a 50 day moving average price of $80.77 and a two-hundred day moving average price of $76.31.

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

Wells Fargo & Company Increases Dividend

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

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.