Old North State Trust LLC purchased a new position in Wells Fargo & Company (NYSE:WFC – Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 8,739 shares of the financial services provider’s stock, valued at approximately $722,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Asset Allocation Strategies LLC bought a new stake in Wells Fargo & Company in the second quarter worth $225,000. Equitable Holdings Inc. bought a new position in shares of Wells Fargo & Company during the second quarter valued at $6,523,000. Centaurus Financial Inc. purchased a new position in shares of Wells Fargo & Company in the 2nd quarter worth about $3,143,000. Coastal Bridge Advisors LLC purchased a new position in shares of Wells Fargo & Company in the 2nd quarter worth about $718,000. Finally, Public Employees Retirement System of Ohio bought a new position in Wells Fargo & Company in the 2nd quarter worth about $95,522,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.
Wells Fargo & Company Price Performance
Shares of WFC opened at $85.00 on Friday. The firm has a fifty day simple moving average of $86.19 and a two-hundred day simple moving average of $82.68. The firm has a market cap of $257.04 billion, a PE ratio of 12.35, a P/E/G ratio of 0.93 and a beta of 0.92. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76.
Wells Fargo & Company Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a dividend of $0.50 per share. The ex-dividend date is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.4%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s dividend payout ratio is presently 29.07%.
Analysts Set New Price Targets
WFC has been the topic of several recent analyst reports. Bank of America increased their price objective on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods decreased their target price on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a report on Wednesday, July 15th. Morgan Stanley upped their target price on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Raymond James Financial reiterated a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Finally, Robert W. Baird raised their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.61.
View Our Latest Stock Analysis on Wells Fargo & Company
Wells Fargo & Company News Summary
Here are the key news stories impacting Wells Fargo & Company this week:
- Positive Sentiment: Wells Fargo is stepping up efforts to recruit independent financial advisers after a reported $1.5 billion overhaul of its wealth-management business. Expanding the adviser network could increase assets under management, fee revenue and the division’s long-term growth prospects. Wells Fargo Makes New Push to Recruit Wealth Managers
- Positive Sentiment: A comparison with PNC Financial characterized WFC as offering a lower valuation and improving efficiency, supporting the view that the stock may have additional value potential despite PNC’s stronger growth and dividend yield. Wells Fargo vs. PNC Financial: Which Stock Offers Better Upside Now?
- Neutral Sentiment: The bank’s most recent quarterly results provide a supportive backdrop: earnings and revenue exceeded analyst expectations, with revenue rising year over year. However, the stock’s valuation and outlook remain sensitive to interest rates, loan growth and credit costs.
- Negative Sentiment: Wells Fargo is reportedly foreclosing on Workspace Property Trust’s $1.3 billion property portfolio after falling occupancy and asset values increased financial stress. Recovering collateral could limit losses, but the action underscores commercial real-estate exposure and potential pressure on credit quality. Wells Fargo Forecloses On $1.3B Workspace Property Trust Loan
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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