Wells Fargo & Company $WFC Shares Acquired by SouthState Corp

SouthState Corp lifted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 8.9% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 14,632 shares of the financial services provider’s stock after purchasing an additional 1,190 shares during the period. SouthState Corp’s holdings in Wells Fargo & Company were worth $1,172,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the business. Access Investment Management LLC acquired a new stake in Wells Fargo & Company in the second quarter valued at $25,000. CBIZ Investment Advisory Services LLC increased its holdings in shares of Wells Fargo & Company by 585.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 322 shares in the last quarter. McElhenny Sheffield Capital Management LLC acquired a new stake in shares of Wells Fargo & Company in the second quarter valued at about $27,000. Motco lifted 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 valued at $29,000 after purchasing an additional 326 shares during the period. Finally, Accent Capital Management LLC purchased a new stake in Wells Fargo & Company during the first quarter worth about $29,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on WFC shares. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Saturday, October 4th. UBS Group lowered their target price on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating on the stock in a report on Tuesday, October 7th. Morgan Stanley raised their price target on Wells Fargo & Company from $95.00 to $97.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 15th. The Goldman Sachs Group decreased their price objective on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a research report on Wednesday, July 16th. Finally, Evercore ISI raised their target price on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Eleven research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $89.57.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $86.06 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market cap of $275.69 billion, a PE ratio of 14.15, a P/E/G ratio of 1.18 and a beta of 1.22. The firm has a 50 day simple moving average of $83.17 and a 200-day simple moving average of $79.11. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $88.50.

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

Wells Fargo & Company Dividend Announcement

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