Field & Main Bank Makes New Investment in Wells Fargo & Company $WFC

Field & Main Bank purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 8,090 shares of the financial services provider’s stock, valued at approximately $669,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in WFC. Norges Bank acquired a new stake in Wells Fargo & Company in the 4th quarter worth approximately $4,512,563,000. Capital Research Global Investors increased its stake in Wells Fargo & Company by 4.9% during the 4th quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider’s stock valued at $3,487,687,000 after purchasing an additional 1,760,484 shares in the last quarter. Legal & General Group Plc increased its stake in Wells Fargo & Company by 0.9% during the 4th quarter. Legal & General Group Plc now owns 21,197,423 shares of the financial services provider’s stock valued at $1,975,600,000 after purchasing an additional 188,186 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Wells Fargo & Company by 13.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider’s stock worth $1,922,257,000 after buying an additional 2,369,260 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Wells Fargo & Company in the second quarter worth $1,364,923,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on WFC shares. Robert W. Baird boosted their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Truist Financial upped their target price on Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, June 26th. Morgan Stanley raised their target price on Wells Fargo & Company from $97.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Keefe, Bruyette & Woods lowered their price target on 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. Finally, JPMorgan Chase & Co. boosted their price target on Wells Fargo & Company from $93.50 to $95.50 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company presently has an average rating of “Moderate Buy” and a consensus target price of $98.61.

Wells Fargo & Company Stock Up 1.9%

Shares of WFC opened at $86.62 on Friday. Wells Fargo & Company has a 52 week low of $72.78 and a 52 week high of $97.76. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $261.94 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 0.92 and a beta of 0.92. The stock’s 50-day moving average price is $86.27 and its 200-day moving average price is $82.71.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (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 company had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. During the same period in the previous year, the company posted $1.60 earnings per share. Wells Fargo & Company’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, sell-side analysts predict that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced 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 is Friday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.3%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.07%.

Key Headlines Impacting Wells Fargo & Company

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 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.