Carlson Capital L.P. acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC – Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 45,528 shares of the financial services provider’s stock, valued at approximately $3,624,000. Wells Fargo & Company accounts for approximately 1.1% of Carlson Capital L.P.’s holdings, making the stock its 5th largest holding.
A number of other institutional investors and hedge funds have also made changes to their positions in WFC. Godfrey Financial Associates Inc. acquired a new stake in Wells Fargo & Company in the 4th quarter valued at $25,000. Miller Capital Partners Inc. acquired a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $25,000. Navalign LLC purchased a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $26,000. Joseph Group Capital Management acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth $28,000. Finally, Phillip James Consulting Co. acquired a new position in shares of Wells Fargo & Company during the first quarter worth $28,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
WFC has been the subject of a number of recent analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $94.00 price target (down from $100.00) on shares of Wells Fargo & Company in a report on Wednesday, April 15th. Wall Street Zen upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Truist Financial upped their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, June 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Finally, UBS Group cut their price target on Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, Wells Fargo & Company currently has an average rating of “Moderate Buy” and an average price target of $98.61.
Wells Fargo & Company Stock Up 1.4%
WFC stock opened at $86.60 on Friday. The stock has a market cap of $261.88 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 0.93 and a beta of 0.92. The firm’s 50-day simple moving average is $83.78 and its 200 day simple moving average is $83.17. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09.
Wells Fargo & Company (NYSE:WFC – Get Free Report) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, topping the consensus estimate of $1.73 by $0.23. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The firm had revenue of $22.62 billion during the quarter, compared to analysts’ expectations of $21.86 billion. During the same quarter in the prior year, the firm earned $1.60 EPS. Wells Fargo & Company’s quarterly revenue was up 8.6% on a year-over-year basis. As a group, sell-side analysts predict that Wells Fargo & Company will post 7.25 EPS for the current year.
Wells Fargo & Company Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be issued a $0.50 dividend. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.3%. Wells Fargo & Company’s dividend payout ratio is currently 26.16%.
Wells Fargo & Company Company Profile
Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.
Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.
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