BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Raises Stock Holdings in Wells Fargo & Company $WFC

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Wells Fargo & Company (NYSE:WFC) by 4.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,131,781 shares of the financial services provider’s stock after acquiring an additional 48,206 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Wells Fargo & Company were worth $90,678,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Blue Capital Inc. purchased a new position in Wells Fargo & Company during the 2nd quarter worth $2,244,000. Adage Capital Partners GP L.L.C. raised its holdings in shares of Wells Fargo & Company by 4.2% in the second quarter. Adage Capital Partners GP L.L.C. now owns 2,950,512 shares of the financial services provider’s stock valued at $236,395,000 after buying an additional 118,416 shares during the last quarter. CTC Alternative Strategies Ltd. boosted its stake in shares of Wells Fargo & Company by 106.2% during the second quarter. CTC Alternative Strategies Ltd. now owns 9,280 shares of the financial services provider’s stock worth $744,000 after buying an additional 4,780 shares during the period. Basswood Capital Management L.L.C. boosted its stake in shares of Wells Fargo & Company by 83.4% during the second quarter. Basswood Capital Management L.L.C. now owns 575,917 shares of the financial services provider’s stock worth $46,142,000 after buying an additional 261,865 shares during the period. Finally, NCM Capital Management LLC purchased a new position in shares of Wells Fargo & Company during the second quarter worth about $213,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

WFC has been the subject of a number of recent research reports. TD Cowen increased their price objective on Wells Fargo & Company from $90.00 to $93.00 and gave the stock a “hold” rating in a research report on Wednesday, October 15th. Morgan Stanley upped their price target on Wells Fargo & Company from $95.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 15th. Keefe, Bruyette & Woods lifted their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, October 15th. Truist Financial boosted their price objective on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Finally, Wall Street Zen upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Saturday, October 4th. Eleven analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company presently has an average rating of “Moderate Buy” and an average target price of $90.04.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $92.76 on Friday. Wells Fargo & Company has a one year low of $58.42 and a one year high of $93.42. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.84 and a current ratio of 0.84. The business has a fifty day moving average of $85.51 and a two-hundred day moving average of $81.69. The company has a market cap of $291.18 billion, a P/E ratio of 15.26, a price-to-earnings-growth ratio of 0.96 and a beta of 1.11.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.18. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The business had revenue of $21.44 billion for the quarter, compared to analysts’ expectations of $21.11 billion. During the same period in the prior year, the company posted $1.42 EPS. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 7th were issued a $0.45 dividend. The ex-dividend date of this dividend was Friday, November 7th. This represents a $1.80 dividend on an annualized basis and a yield of 1.9%. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.61%.

Wells Fargo & 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.