Abacus Planning Group Inc. Has $509,000 Stock Holdings in Wells Fargo & Company $WFC

Abacus Planning Group Inc. raised its stake in Wells Fargo & Company (NYSE:WFC) by 9.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,357 shares of the financial services provider’s stock after acquiring an additional 570 shares during the period. Abacus Planning Group Inc.’s holdings in Wells Fargo & Company were worth $509,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CBIZ Investment Advisory Services LLC raised its holdings in shares of Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock worth $27,000 after buying an additional 322 shares in the last quarter. Accent Capital Management LLC acquired a new position in shares of Wells Fargo & Company during the 1st quarter worth $29,000. Motco raised its holdings in shares of Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after buying an additional 326 shares in the last quarter. Nova Wealth Management Inc. raised its holdings in shares of Wells Fargo & Company by 112.9% during the 2nd quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider’s stock worth $34,000 after buying an additional 227 shares in the last quarter. Finally, 1248 Management LLC acquired a new position in shares of Wells Fargo & Company during the 1st quarter worth $31,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently commented on WFC shares. Phillip Securities cut Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, July 17th. Truist Financial boosted their price target on Wells Fargo & Company from $86.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Wall Street Zen cut Wells Fargo & Company from a “hold” rating to a “sell” rating in a report on Friday, September 26th. Morgan Stanley cut Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $87.00 to $90.00 in a report on Monday. Finally, Cowen reaffirmed a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Nine investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $83.74.

Wells Fargo & Company Stock Down 0.5%

Shares of Wells Fargo & Company stock opened at $80.47 on Friday. Wells Fargo & Company has a one year low of $54.40 and a one year high of $86.65. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The stock’s 50-day moving average is $80.84 and its 200 day moving average is $76.22. The firm has a market cap of $257.79 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 1.25 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. During the same quarter in the prior year, the company earned $1.33 EPS. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. Equities research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were issued a $0.45 dividend. The ex-dividend date was Friday, August 8th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.2%. Wells Fargo & Company’s dividend payout ratio is currently 30.82%.

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.