Tufton Capital Management Has $9.73 Million Stock Position in Wells Fargo & Company $WFC

Tufton Capital Management trimmed its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 3.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 121,505 shares of the financial services provider’s stock after selling 3,782 shares during the period. Wells Fargo & Company makes up about 1.9% of Tufton Capital Management’s holdings, making the stock its 16th biggest position. Tufton Capital Management’s holdings in Wells Fargo & Company were worth $9,734,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Accretive Wealth Partners LLC acquired a new stake in Wells Fargo & Company during the 1st quarter worth $399,000. Banco Bilbao Vizcaya Argentaria S.A. grew its holdings in shares of Wells Fargo & Company by 10.4% in the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider’s stock valued at $54,471,000 after acquiring an additional 71,740 shares in the last quarter. Secured Retirement Advisors LLC bought a new position in shares of Wells Fargo & Company in the 1st quarter valued at about $408,000. Three Bridge Wealth Advisors LLC bought a new position in shares of Wells Fargo & Company in the 2nd quarter valued at about $364,000. Finally, Allianz SE grew its holdings in shares of Wells Fargo & Company by 22.6% in the 1st quarter. Allianz SE now owns 212,335 shares of the financial services provider’s stock valued at $15,244,000 after acquiring an additional 39,150 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 0.4%

Shares of WFC opened at $87.31 on Tuesday. The firm has a 50 day simple moving average of $82.89 and a two-hundred day simple moving average of $78.85. The company has a market cap of $279.70 billion, a P/E ratio of 14.36, a P/E/G ratio of 1.18 and a beta of 1.25. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84. Wells Fargo & Company has a one year low of $58.42 and a one year high of $87.89.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.11. The company had revenue of $21.44 billion for the quarter, compared to analysts’ expectations of $21.11 billion. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the business posted $1.42 earnings per share. Research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 7th will be issued a $0.45 dividend. 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 presently 29.61%.

Wall Street Analysts Forecast Growth

WFC has been the subject of a number of research analyst reports. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Saturday, October 4th. Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Morgan Stanley boosted their price objective on Wells Fargo & Company from $95.00 to $97.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 15th. Phillip Securities cut Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, July 17th. Finally, Weiss Ratings upgraded Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, October 8th. Eleven equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $89.57.

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.