Kathmere Capital Management LLC purchased a new stake in Wells Fargo & Company (NYSE:WFC) in the second quarter, Holdings Channel.com reports. The fund purchased 6,063 shares of the financial services provider’s stock, valued at approximately $259,000.
Several other institutional investors and hedge funds also recently made changes to their positions in WFC. Defender Capital LLC. purchased a new stake in shares of Wells Fargo & Company during the first quarter worth $246,000. Fairfield Bush & CO. bought a new position in shares of Wells Fargo & Company in the first quarter valued at approximately $124,000. Dakota Wealth Management bought a new stake in Wells Fargo & Company during the 1st quarter worth approximately $222,000. Candriam Luxembourg S.C.A. boosted its holdings in Wells Fargo & Company by 0.3% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 273,936 shares of the financial services provider’s stock valued at $13,274,000 after purchasing an additional 770 shares during the period. Finally, Zions Bancorporation N.A. grew its position in shares of Wells Fargo & Company by 24.5% during the 1st quarter. Zions Bancorporation N.A. now owns 9,630 shares of the financial services provider’s stock valued at $467,000 after purchasing an additional 1,895 shares in the last quarter. Hedge funds and other institutional investors own 72.47% of the company’s stock.
Analysts Set New Price Targets
WFC has been the subject of several research analyst reports. StockNews.com began coverage on Wells Fargo & Company in a research note on Thursday, August 17th. They set a “hold” rating for the company. Morgan Stanley upped their price objective on shares of Wells Fargo & Company from $49.00 to $52.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 1st. Citigroup raised their target price on shares of Wells Fargo & Company from $50.00 to $52.00 in a research note on Sunday, July 16th. Raymond James boosted their price target on shares of Wells Fargo & Company from $48.00 to $51.00 and gave the stock a “strong-buy” rating in a research note on Monday, July 3rd. Finally, Wolfe Research cut shares of Wells Fargo & Company from an “outperform” rating to a “peer perform” rating in a research report on Friday, July 7th. Nine analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.39.
Wells Fargo & Company Stock Performance
Shares of WFC stock opened at $42.95 on Monday. The company has a market capitalization of $157.14 billion, a P/E ratio of 10.74, a PEG ratio of 0.87 and a beta of 1.14. Wells Fargo & Company has a fifty-two week low of $35.25 and a fifty-two week high of $48.84. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.83 and a current ratio of 0.84. The stock has a 50 day moving average price of $43.43 and a two-hundred day moving average price of $41.42.
Wells Fargo & Company (NYSE:WFC – Get Free Report) last announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.09. The business had revenue of $20.53 billion during the quarter, compared to analysts’ expectations of $20.11 billion. Wells Fargo & Company had a net margin of 16.18% and a return on equity of 11.15%. The firm’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.74 EPS. Analysts expect that Wells Fargo & Company will post 4.84 earnings per share for the current year.
Wells Fargo & Company Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 4th were paid a $0.35 dividend. The ex-dividend date was Thursday, August 3rd. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a dividend yield of 3.26%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 35.00%.
Wells Fargo & Company Profile
Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.
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