Pointe Capital Management LLC acquired a new position in Wells Fargo & Company (NYSE:WFC) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 10,967 shares of the financial services provider’s stock, valued at approximately $906,000.
Several other large investors also recently added to or reduced their stakes in the business. Western Wealth Management LLC purchased a new position in Wells Fargo & Company during the second quarter worth about $290,000. First Bancorp Inc ME purchased a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at about $579,000. Jupiter Topco LLC purchased a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at about $31,997,000. EFG International AG bought a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at about $568,000. Finally, Ancora Advisors LLC bought a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at about $1,121,000. Institutional investors own 75.90% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts have recently commented on the company. Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Robert W. Baird lifted their target price 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. Keefe, Bruyette & Woods dropped 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 research report on Wednesday, July 15th. Phillip Securities raised shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Finally, Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.61.
Wells Fargo & Company Price Performance
WFC opened at $85.00 on Friday. The stock has a 50-day moving average price of $86.19 and a 200-day moving average price of $82.68. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. 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 market capitalization of $257.04 billion, a P/E ratio of 12.35, a PEG ratio of 0.93 and a beta of 0.92.
Wells Fargo & Company (NYSE:WFC – Get Free Report) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, beating the consensus estimate of $1.73 by $0.23. The firm had revenue of $22.62 billion for the quarter, compared to analyst estimates of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The company’s revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.60 EPS. Equities analysts predict that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.
Wells Fargo & Company Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be given a dividend of $0.50 per share. The ex-dividend date is Friday, August 7th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a yield of 2.4%. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.07%.
More Wells Fargo & Company News
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
About Wells Fargo & Company
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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