Greenspring Advisors LLC Makes New Investment in Wells Fargo & Company $WFC

Greenspring Advisors LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 12,570 shares of the financial services provider’s stock, valued at approximately $1,172,000.

Several other hedge funds have also modified their holdings of WFC. Brighton Jones LLC lifted its position in shares of Wells Fargo & Company by 62.3% during the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock valued at $4,652,000 after buying an additional 25,436 shares during the last quarter. Jump Financial LLC lifted its position in shares of Wells Fargo & Company by 12.9% during the second quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider’s stock valued at $1,835,000 after buying an additional 2,615 shares during the last quarter. Main Street Financial Solutions LLC lifted its position in shares of Wells Fargo & Company by 111.0% during the second quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider’s stock valued at $1,122,000 after buying an additional 7,368 shares during the last quarter. Vivaldi Capital Management LP lifted its position in shares of Wells Fargo & Company by 5.4% during the second quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider’s stock valued at $259,000 after buying an additional 165 shares during the last quarter. Finally, Diversify Advisory Services LLC lifted its position in shares of Wells Fargo & Company by 51.2% during the second quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider’s stock valued at $2,044,000 after buying an additional 8,714 shares during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Bank of America said Wells Fargo may now be an attractive buying opportunity, noting the stock has fallen more sharply than its underlying fundamentals and now looks cheap relative to peers. Wells Fargo shares at attractive entry point amid execution concerns
• Neutral Sentiment: Wells Fargo is using recent publicity to highlight its consumer and housing franchise, including a new survey showing many first-time homebuyers lack mortgage knowledge. This is more of a brand and engagement story than a direct earnings catalyst. Are You Ready to Buy a Home? Wells Fargo Finds Most Prospective First-Time Buyers Aren’t and Don’t Know It
• Neutral Sentiment: Wells Fargo also announced that CFO Mike Santomassimo will present at the Morgan Stanley U.S. Financials Conference on June 9, which could provide fresh commentary on strategy and outlook. Wells Fargo to Present at the Morgan Stanley U.S. Financials Conference
• Negative Sentiment: Investor attention is still being weighed down by concerns around Wells Fargo’s execution and the lingering fallout from product-transition issues tied to Bilt’s move away from Wells Fargo as a banking partner, which has prompted CFPB involvement. CFPB Meets With Bilt Following Credit Card Switchover Issues

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $78.72 on Thursday. The firm has a market capitalization of $240.90 billion, a P/E ratio of 12.15, a PEG ratio of 0.93 and a beta of 0.93. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.12. The company has a 50 day moving average price of $79.12 and a 200 day moving average price of $84.75. Wells Fargo & Company has a 52 week low of $71.93 and a 52 week high of $97.76.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, beating the consensus estimate of $1.58 by $0.02. The firm had revenue of $11.62 billion during the quarter, compared to analyst estimates of $21.85 billion. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. Wells Fargo & Company’s revenue was up 6.4% on a year-over-year basis. During the same period last year, the firm posted $1.39 EPS. Sell-side analysts expect that Wells Fargo & Company will post 6.84 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.3%. The ex-dividend date was Friday, May 8th. Wells Fargo & Company’s dividend payout ratio is 27.78%.

Analyst Ratings Changes

Several research firms have commented on WFC. Keefe, Bruyette & Woods decreased their price target on shares of Wells Fargo & Company from $101.00 to $98.00 and set a “market perform” rating for the company in a research report on Wednesday, April 15th. Morgan Stanley decreased their price objective on shares of Wells Fargo & Company from $108.00 to $100.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 31st. Jefferies Financial Group began coverage on shares of Wells Fargo & Company in a research report on Thursday, March 26th. They issued a “buy” rating and a $100.00 price objective for the company. JPMorgan Chase & Co. decreased their price objective on shares of Wells Fargo & Company from $91.00 to $86.50 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Finally, KGI Securities lowered shares of Wells Fargo & Company to a “hold” rating in a research report on Thursday, April 16th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $97.53.

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.