Citizens & Northern Corp Purchases New Position in Wells Fargo & Company $WFC

Citizens & Northern Corp purchased a new stake in Wells Fargo & Company (NYSE:WFC) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 51,763 shares of the financial services provider’s stock, valued at approximately $4,278,000. Wells Fargo & Company accounts for 1.0% of Citizens & Northern Corp’s portfolio, making the stock its 22nd largest holding.

Several other hedge funds have also recently bought and sold shares of the stock. Formidable Asset Management LLC lifted its holdings in shares of Wells Fargo & Company by 6.3% during the second quarter. Formidable Asset Management LLC now owns 15,434 shares of the financial services provider’s stock valued at $1,229,000 after acquiring an additional 913 shares during the period. Lynch Investment Planning LLC grew its holdings in shares of Wells Fargo & Company by 8.9% in the 2nd quarter. Lynch Investment Planning LLC now owns 4,876 shares of the financial services provider’s stock worth $403,000 after purchasing an additional 400 shares during the last quarter. Burton Enright Welch grew its holdings in shares of Wells Fargo & Company by 8.6% in the 2nd quarter. Burton Enright Welch now owns 7,601 shares of the financial services provider’s stock worth $628,000 after purchasing an additional 604 shares during the last quarter. Larry Mathis Financial Planning LLC increased its position in shares of Wells Fargo & Company by 1.3% during the 2nd quarter. Larry Mathis Financial Planning LLC now owns 11,091 shares of the financial services provider’s stock worth $917,000 after purchasing an additional 138 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC increased its position in shares of Wells Fargo & Company by 4.5% during the 2nd quarter. Cary Street Partners Investment Advisory LLC now owns 7,811 shares of the financial services provider’s stock worth $646,000 after purchasing an additional 338 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC opened at $88.74 on Friday. The business has a fifty day moving average of $85.73 and a 200-day moving average of $83.10. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76. The firm has a market cap of $268.34 billion, a PE ratio of 12.90, a price-to-earnings-growth ratio of 0.97 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.23. The business had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.60 EPS. On average, equities research analysts predict that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a $0.50 dividend. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, August 7th. Wells Fargo & Company’s payout ratio is presently 29.07%.

Wells Fargo & Company News Roundup

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

• Positive Sentiment: Wells Fargo declared quarterly cash dividends on six series of preferred stock. The announcement provides clarity for income-focused investors and signals that the bank continues to support its preferred-capital structure. Wells Fargo & Company Declares Cash Dividends on Preferred Stock
• Positive Sentiment: Recent analysis suggests WFC could be about 10% undervalued despite strong gains over the past three months, supporting the view that valuation may still leave room for additional appreciation. Wells Fargo Could Be 10% Undervalued After Preferred Dividend Declaration
• Positive Sentiment: Investors have been rotating from weaker-performing artificial-intelligence stocks into financials, creating a favorable sector backdrop for Wells Fargo and other banks. Risk-On Momentum in Bank Stocks Echoes Aftermath of Dot-Com Bust
• Positive Sentiment: Wells Fargo’s latest earnings exceeded expectations, with $1.96 in earnings per share and $22.62 billion in revenue, while revenue grew 8.6% year over year. Analysts continue to focus on potential net-interest-income growth, asset-cap removal and increased capital returns. WFC Stock Gains 20.5% in 3 Months: Buy, Hold or Sell the Stock Now?
• Neutral Sentiment: The bank is expanding its post-asset-cap strategy through tokenized deposits for corporate clients and new long-term debt and depositary-share offerings. The initiatives could improve payment capabilities and investment capacity, but their financial impact remains uncertain. Is Wells Fargo’s Tokenized Deposit Push Reshaping Its Post-Cap Investment Story?
• Negative Sentiment: After a roughly 20% three-month advance, valuation and profit-taking risks could limit near-term upside, making investors more sensitive to execution on growth and regulatory milestones. Why Is Wells Fargo Up Since Last Earnings Report?

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on WFC. Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Morgan Stanley upped their price objective on shares of 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. JPMorgan Chase & Co. raised their price objective on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Robert W. Baird lifted their target price on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Finally, Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, May 7th. Two equities 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 a consensus price target of $98.61.

Wells Fargo & 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.