Portfolio Design Labs LLC Buys Shares of 28,877 Wells Fargo & Company $WFC

Portfolio Design Labs LLC bought a new position in Wells Fargo & Company (NYSE:WFC) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 28,877 shares of the financial services provider’s stock, valued at approximately $2,386,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of WFC. Bryn Mawr Trust Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at about $658,000. Swiss Life Asset Management Ltd raised its holdings in shares of Wells Fargo & Company by 4.2% during the fourth quarter. Swiss Life Asset Management Ltd now owns 350,567 shares of the financial services provider’s stock valued at $32,673,000 after purchasing an additional 14,168 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in Wells Fargo & Company by 4.4% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 412,511 shares of the financial services provider’s stock valued at $38,446,000 after purchasing an additional 17,302 shares during the period. Norges Bank bought a new position in Wells Fargo & Company during the fourth quarter valued at approximately $4,512,563,000. Finally, Winning Points Advisors LLC purchased a new stake in Wells Fargo & Company in the fourth quarter worth approximately $3,384,000. 75.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

WFC has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Morgan Stanley raised their price target 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. Truist Financial lifted their price objective on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, June 26th. Bank of America upped their price objective on Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Finally, Robert W. Baird increased their target price on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Two 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’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $98.61.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $84.70 on Tuesday. The firm has a 50 day moving average of $86.11 and a 200 day moving average of $82.85. 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 $256.13 billion, a price-to-earnings ratio of 12.31, a price-to-earnings-growth 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 released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share 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 company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period last year, the firm earned $1.60 earnings per share. On average, research analysts anticipate that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

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

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.