Massachusetts Wealth Management Purchases 200 Shares of Wells Fargo & Company $WFC

Massachusetts Wealth Management lifted its position in shares of Wells Fargo & Company (NYSE:WFC) by 0.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 32,317 shares of the financial services provider’s stock after acquiring an additional 200 shares during the quarter. Wells Fargo & Company makes up about 1.5% of Massachusetts Wealth Management’s investment portfolio, making the stock its 25th largest position. Massachusetts Wealth Management’s holdings in Wells Fargo & Company were worth $2,589,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Accretive Wealth Partners LLC bought a new position in Wells Fargo & Company during the first quarter worth about $399,000. Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in Wells Fargo & Company by 10.4% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider’s stock worth $54,471,000 after buying an additional 71,740 shares during the last quarter. Secured Retirement Advisors LLC bought a new position in Wells Fargo & Company during the first quarter worth about $408,000. RKL Wealth Management LLC boosted its holdings in Wells Fargo & Company by 166.4% during the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock worth $588,000 after buying an additional 5,113 shares during the last quarter. Finally, Three Bridge Wealth Advisors LLC bought a new position in Wells Fargo & Company during the second quarter worth about $364,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 1.7%

NYSE:WFC opened at $79.74 on Thursday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The company has a market cap of $255.44 billion, a PE ratio of 13.65, a PEG ratio of 1.31 and a beta of 1.25. Wells Fargo & Company has a 52-week low of $57.07 and a 52-week high of $86.65. The stock has a 50-day simple moving average of $80.65 and a 200 day simple moving average of $76.44.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.Wells Fargo & Company’s quarterly revenue was up .6% on a year-over-year basis. During the same period last year, the company earned $1.33 earnings per share. On average, sell-side analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.3%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company’s payout ratio is currently 30.82%.

Analyst Ratings Changes

WFC has been the topic of a number of recent analyst reports. Dbs Bank upgraded Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a report on Thursday, July 17th. Cowen restated a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Piper Sandler restated an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Truist Financial increased 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. Finally, The Goldman Sachs Group lowered their price target on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a report on Wednesday, July 16th. Nine research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company has an average rating of “Moderate Buy” and an average target price of $85.41.

Wells Fargo & Company Company Profile

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.