Wilsey Asset Management Inc. lifted its stake in shares of Wells Fargo & Company (NYSE:WFC) by 1.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 524,048 shares of the financial services provider’s stock after buying an additional 9,717 shares during the quarter. Wells Fargo & Company makes up about 6.4% of Wilsey Asset Management Inc.’s investment portfolio, making the stock its 6th largest holding. Wilsey Asset Management Inc.’s holdings in Wells Fargo & Company were worth $43,307,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Godfrey Financial Associates Inc. acquired a new position in Wells Fargo & Company during the 4th quarter worth $25,000. Miller Capital Partners Inc. bought a new position in shares of Wells Fargo & Company during the fourth quarter worth about $25,000. Navalign LLC acquired a new position in Wells Fargo & Company in the fourth quarter worth about $26,000. Joseph Group Capital Management acquired a new position in Wells Fargo & Company in the fourth quarter worth about $28,000. Finally, Core Wealth Advisors LLC bought a new stake in Wells Fargo & Company in the fourth quarter valued at about $29,000. Institutional investors own 75.90% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts have recently commented on WFC shares. Barclays decreased their target price on Wells Fargo & Company from $113.00 to $108.00 and set an “overweight” rating for the company in a research report on Wednesday, April 15th. Piper Sandler reissued an “overweight” rating and set a $94.00 price target (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. JPMorgan Chase & Co. raised their price objective on Wells Fargo & Company from $93.50 to $95.50 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Finally, Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $98.61.
Wells Fargo & Company Stock Down 1.8%
NYSE:WFC opened at $87.57 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. The stock has a 50 day moving average of $84.70 and a 200-day moving average of $83.03. The firm has a market capitalization of $264.81 billion, a PE ratio of 12.73, a price-to-earnings-growth ratio of 0.97 and a beta of 0.92. Wells Fargo & Company has a 52 week low of $72.78 and a 52 week high of $97.76.
Wells Fargo & Company (NYSE:WFC – Get Free Report) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.23. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The business had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. During the same quarter last year, the business posted $1.60 EPS. The business’s revenue was up 8.6% on a year-over-year basis. Analysts predict that Wells Fargo & Company will post 7.26 EPS for the current year.
Wells Fargo & Company Increases Dividend
The company 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 boost 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 dividend yield of 2.3%. Wells Fargo & Company’s dividend payout ratio is 26.16%.
Wells Fargo & 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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