Tocqueville Asset Management L.P. Makes New Investment in Wells Fargo & Company $WFC

Tocqueville Asset Management L.P. acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 11,580 shares of the financial services provider’s stock, valued at approximately $957,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. one8zero8 LLC purchased a new position in shares of Wells Fargo & Company in the second quarter valued at $571,000. Kentucky Farm Bureau Mutual Insurance Co purchased a new stake in Wells Fargo & Company during the second quarter valued at $1,788,000. Addison Advisors LLC purchased a new stake in Wells Fargo & Company during the second quarter valued at $84,000. West Family Investments Inc. bought a new position in Wells Fargo & Company during the second quarter valued at $827,000. Finally, Knuff & Co LLC bought a new position in Wells Fargo & Company during the second quarter valued at $1,181,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Down 0.0%

Shares of WFC opened at $83.83 on Monday. The firm has a fifty day moving average price of $86.08 and a 200-day moving average price of $82.91. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $253.50 billion, a P/E ratio of 12.18, a P/E/G ratio of 0.91 and a beta of 0.92. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.23. The business had revenue of $22.62 billion for the quarter, compared to analyst estimates of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period last year, the company posted $1.60 earnings per share. Equities research analysts expect that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, August 7th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s dividend payout ratio is presently 29.07%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Truist Financial boosted their target price on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, June 26th. Morgan Stanley upped their target price on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Sunday, June 14th. UBS Group reduced their price objective on Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Finally, Robert W. Baird upped their price objective on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.61.

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.