Great Lakes Advisors LLC grew its position in Wells Fargo & Company (NYSE:WFC) by 84.4% during the second quarter, HoldingsChannel.com reports. The firm owned 374,330 shares of the financial services provider’s stock after buying an additional 171,360 shares during the quarter. Great Lakes Advisors LLC’s holdings in Wells Fargo & Company were worth $16,953,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Centerpoint Advisors LLC bought a new stake in shares of Wells Fargo & Company in the second quarter valued at about $25,000. Isthmus Partners LLC bought a new stake in Wells Fargo & Company during the second quarter worth about $27,000. MV Capital Management Inc. raised its holdings in Wells Fargo & Company by 561.5% during the second quarter. MV Capital Management Inc. now owns 602 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 511 shares in the last quarter. Holloway Wealth Management LLC raised its holdings in Wells Fargo & Company by 547.0% during the second quarter. Holloway Wealth Management LLC now owns 647 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 547 shares in the last quarter. Finally, Loomis Sayles & Co. L P bought a new stake in Wells Fargo & Company during the first quarter worth about $27,000. Institutional investors own 70.82% of the company’s stock.
WFC has been the topic of several analyst reports. Bank of America upgraded Wells Fargo & Company from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a report on Friday, June 4th. Keefe, Bruyette & Woods initiated coverage on Wells Fargo & Company in a report on Wednesday, July 7th. They set an “outperform” rating and a $57.00 target price on the stock. Raymond James upped their target price on Wells Fargo & Company from $52.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, August 26th. Odeon Capital Group downgraded Wells Fargo & Company from a “buy” rating to a “hold” rating in a research report on Monday, July 19th. Finally, Royal Bank of Canada boosted their price target on Wells Fargo & Company from $40.00 to $45.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 7th. Eight equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $47.52.
Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, July 13th. The financial services provider reported $1.38 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.40. Wells Fargo & Company had a return on equity of 9.85% and a net margin of 19.79%. The firm had revenue of $20.27 billion during the quarter, compared to analysts’ expectations of $17.69 billion. During the same period in the prior year, the company earned ($0.66) earnings per share. The company’s quarterly revenue was up 10.8% on a year-over-year basis. On average, sell-side analysts anticipate that Wells Fargo & Company will post 4.37 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 1st. Investors of record on Friday, August 6th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.69%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.10. The ex-dividend date was Thursday, August 5th. Wells Fargo & Company’s dividend payout ratio is presently 145.45%.
Wells Fargo & Company Profile
Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance. It firm operates through the following segments: Community Banking, Wholesale Banking, Wealth & Investment Management, and Other.
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