Somerville Kurt F Invests $212,000 in Wells Fargo & Company $WFC

Somerville Kurt F bought a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,650 shares of the financial services provider’s stock, valued at approximately $212,000.

Several other hedge funds have also bought and sold shares of WFC. CBIZ Investment Advisory Services LLC boosted its holdings in Wells Fargo & Company by 585.5% during the first 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 in the last quarter. Accent Capital Management LLC acquired a new position in shares of Wells Fargo & Company in the first quarter worth about $29,000. Motco boosted its stake 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 acquiring an additional 326 shares in the last quarter. Nova Wealth Management Inc. boosted its stake 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 acquiring an additional 227 shares in the last quarter. Finally, 1248 Management LLC acquired a new stake in shares of Wells Fargo & Company during the 1st quarter valued at about $31,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Truist Financial upped their price target on Wells Fargo & Company from $86.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Evercore ISI boosted their price objective on Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. UBS Group reduced their target price on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research note on Tuesday. Cowen reiterated a “hold” rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Finally, Morgan Stanley lowered shares of Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $87.00 to $90.00 in a report on Monday, September 29th. Eight investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $85.41.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $81.09 on Wednesday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The stock’s 50 day simple moving average is $80.69 and its 200-day simple moving average is $76.42. The company has a market cap of $259.75 billion, a PE ratio of 13.88, a price-to-earnings-growth ratio of 1.24 and a beta of 1.25. Wells Fargo & Company has a 1-year low of $57.07 and a 1-year high of $86.65.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data 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. The firm had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The firm’s revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.33 EPS. As a group, equities research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. This is a positive change 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 (DPR) 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.