Carret Asset Management LLC Has $2.33 Million Holdings in Wells Fargo & Company $WFC

Carret Asset Management LLC reduced its holdings in Wells Fargo & Company (NYSE:WFC) by 2.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,112 shares of the financial services provider’s stock after selling 610 shares during the quarter. Carret Asset Management LLC’s holdings in Wells Fargo & Company were worth $2,332,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of WFC. Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in shares of Wells Fargo & Company by 2,735,254.3% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock worth $76,095,550,000 after acquiring an additional 949,735,001 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Wells Fargo & Company by 277.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock worth $771,092,000 after acquiring an additional 7,894,919 shares in the last quarter. Strs Ohio acquired a new position in shares of Wells Fargo & Company in the 1st quarter worth approximately $109,643,000. Canada Pension Plan Investment Board boosted its holdings in shares of Wells Fargo & Company by 34.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 5,307,366 shares of the financial services provider’s stock worth $381,016,000 after acquiring an additional 1,365,629 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Wells Fargo & Company by 30.5% in the 1st quarter. Principal Financial Group Inc. now owns 4,926,423 shares of the financial services provider’s stock worth $353,668,000 after acquiring an additional 1,152,181 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on WFC. Barclays boosted their target price on Wells Fargo & Company from $87.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Keefe, Bruyette & Woods increased their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “market perform” rating in a research note on Wednesday, October 15th. Evercore ISI increased their price target on Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Weiss Ratings raised Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, October 8th. Finally, Piper Sandler reissued an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Eleven research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $89.57.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $86.02 on Thursday. The company has a market capitalization of $275.56 billion, a PE ratio of 14.15, a PEG ratio of 1.19 and a beta of 1.25. Wells Fargo & Company has a 12 month low of $58.42 and a 12 month high of $87.47. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. The stock’s fifty day simple moving average is $82.42 and its 200 day simple moving average is $78.27.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 EPS for the quarter, topping the consensus estimate of $1.55 by $0.11. The business had revenue of $21.44 billion for the quarter, compared to the consensus estimate of $21.11 billion. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The firm’s revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.42 EPS. On average, research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 7th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, November 7th. Wells Fargo & Company’s dividend payout ratio is 29.61%.

About Wells Fargo & Company

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.