Royal London Asset Management Ltd. lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 1.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,502,670 shares of the financial services provider’s stock after selling 27,990 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Wells Fargo & Company were worth $124,181,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the stock. Mufg Securities Americas Inc. grew its position in Wells Fargo & Company by 8.8% in the second quarter. Mufg Securities Americas Inc. now owns 101,193 shares of the financial services provider’s stock worth $8,363,000 after acquiring an additional 8,150 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV increased its position in shares of Wells Fargo & Company by 5.6% during the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 19,079 shares of the financial services provider’s stock valued at $1,577,000 after purchasing an additional 1,009 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Wells Fargo & Company by 40.6% during the 2nd quarter. Van ECK Associates Corp now owns 481,098 shares of the financial services provider’s stock valued at $39,758,000 after buying an additional 138,966 shares in the last quarter. Nissay Asset Management Corp Japan raised its holdings in shares of Wells Fargo & Company by 1.6% during the 2nd quarter. Nissay Asset Management Corp Japan now owns 409,004 shares of the financial services provider’s stock valued at $33,800,000 after buying an additional 6,411 shares in the last quarter. Finally, Field & Main Bank bought a new stake in Wells Fargo & Company in the 2nd quarter worth approximately $669,000. 75.90% of the stock is owned by institutional investors.
Wells Fargo & Company News Summary
Here are the key news stories impacting Wells Fargo & Company this week:
- Positive Sentiment: Wells Fargo is reportedly seeking to recruit hundreds of independent financial advisers, expanding its Wealth & Investment Management division and targeting affluent and high-net-worth clients. The initiative builds on a multiyear overhaul and could support fee-based revenue, asset growth and deeper customer relationships. WFC Broadens Wealth Focus: Can Its Multi-Year Revamp Drive Growth?
- Positive Sentiment: The wealth-management push follows an approximately $1.5 billion revamp and emphasizes independent advisers who can use Wells Fargo’s platform and infrastructure. Successful hiring and retention could improve the division’s long-term growth prospects, although benefits will take time to materialize. Wells Fargo Steps Up Wealth Hiring After $1.5 Billion Revamp
- Neutral Sentiment: Analysts collectively maintain a “Moderate Buy” recommendation for Wells Fargo. The rating indicates generally constructive sentiment, but it does not represent a new earnings forecast or a clearly identifiable catalyst. Wells Fargo Given Average Recommendation of Moderate Buy by Analysts
- Neutral Sentiment: A market-focused report noted that WFC advanced even as the broader market declined, suggesting relative investor support. The article did not identify a major new earnings announcement, guidance change or regulatory development behind the move. Wells Fargo Gains As Market Dips: What You Should Know
Wells Fargo & Company Price Performance
Wells Fargo & Company (NYSE:WFC – Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $21.86 billion. During the same quarter in the prior year, the company posted $1.60 EPS. Wells Fargo & Company’s quarterly revenue was up 8.6% compared to the same quarter last year. As a group, equities analysts expect that Wells Fargo & Company will post 7.26 EPS for the current year.
Wells Fargo & Company Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, August 7th. This is a positive change 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 2.3%. Wells Fargo & Company’s payout ratio is 29.07%.
Analysts Set New Price Targets
A number of brokerages have commented on WFC. JPMorgan Chase & Co. increased their price target on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Keefe, Bruyette & Woods cut their price objective on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a research note on Wednesday, July 15th. Morgan Stanley lifted 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 report on Monday, June 29th. UBS Group cut their price target on shares of Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Finally, Robert W. Baird raised their price objective on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $98.61.
View Our Latest Analysis on Wells Fargo & Company
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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