Lake Street Advisors Group LLC boosted its holdings in Wells Fargo & Company (NYSE:WFC) by 13.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,224 shares of the financial services provider’s stock after acquiring an additional 2,598 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Wells Fargo & Company were worth $949,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the business. Dodge & Cox lifted its position in shares of Wells Fargo & Company by 1.4% during the 1st quarter. Dodge & Cox now owns 120,385,253 shares of the financial services provider’s stock worth $4,500,001,000 after buying an additional 1,662,877 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Wells Fargo & Company by 1.4% during the first quarter. Geode Capital Management LLC now owns 68,746,622 shares of the financial services provider’s stock valued at $2,564,588,000 after acquiring an additional 929,727 shares during the period. Norges Bank acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $2,049,693,000. Moneta Group Investment Advisors LLC grew its holdings in shares of Wells Fargo & Company by 129,312.1% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 26,287,479 shares of the financial services provider’s stock worth $1,085,410,000 after purchasing an additional 26,267,166 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Wells Fargo & Company by 1.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 23,079,196 shares of the financial services provider’s stock worth $862,700,000 after purchasing an additional 304,269 shares in the last quarter. Institutional investors and hedge funds own 72.47% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts have weighed in on WFC shares. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $44.00 price objective on shares of Wells Fargo & Company in a research note on Friday, September 22nd. BMO Capital Markets lifted their price objective on Wells Fargo & Company from $52.00 to $54.00 and gave the company a “market perform” rating in a research report on Monday, October 16th. HSBC initiated coverage on Wells Fargo & Company in a research note on Thursday, September 7th. They issued a “hold” rating and a $45.00 price objective on the stock. StockNews.com assumed coverage on Wells Fargo & Company in a report on Thursday, October 5th. They issued a “hold” rating for the company. Finally, Atlantic Securities increased their price objective on shares of Wells Fargo & Company from $50.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday, August 1st. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.31.
Insider Buying and Selling
In other news, Director Richard K. Davis bought 3,500 shares of the stock in a transaction on Thursday, November 9th. The stock was purchased at an average price of $41.22 per share, with a total value of $144,270.00. Following the completion of the purchase, the director now owns 4,244 shares of the company’s stock, valued at $174,937.68. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.07% of the stock is owned by insiders.
Wells Fargo & Company Trading Up 1.0 %
WFC traded up $0.43 during trading on Friday, reaching $42.96. 13,893,921 shares of the company’s stock were exchanged, compared to its average volume of 15,748,654. The company’s fifty day moving average price is $40.92 and its 200-day moving average price is $41.70. The firm has a market capitalization of $156.02 billion, a PE ratio of 9.28, a P/E/G ratio of 0.82 and a beta of 1.17. Wells Fargo & Company has a fifty-two week low of $35.25 and a fifty-two week high of $48.84. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.87 and a current ratio of 0.87.
Wells Fargo & Company (NYSE:WFC – Get Free Report) last announced its quarterly earnings data on Friday, October 13th. The financial services provider reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $0.15. Wells Fargo & Company had a return on equity of 11.18% and a net margin of 17.06%. The business had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.09 billion. During the same period in the previous year, the firm earned $1.30 earnings per share. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. As a group, equities analysts forecast that Wells Fargo & Company will post 5.06 EPS for the current year.
Wells Fargo & Company Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 3rd will be given a $0.35 dividend. The ex-dividend date of this dividend is Thursday, November 2nd. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.26%. Wells Fargo & Company’s dividend payout ratio is 30.24%.
About Wells Fargo & Company
Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.
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