Flputnam Investment Management Co. Purchases 62,406 Shares of Wells Fargo & Company $WFC

Flputnam Investment Management Co. increased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 901.0% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 69,332 shares of the financial services provider’s stock after acquiring an additional 62,406 shares during the period. Flputnam Investment Management Co.’s holdings in Wells Fargo & Company were worth $4,977,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Point72 Europe London LLP lifted its position in shares of Wells Fargo & Company by 36.0% during the 1st quarter. Point72 Europe London LLP now owns 640,525 shares of the financial services provider’s stock worth $45,983,000 after buying an additional 169,600 shares during the period. Beck Mack & Oliver LLC lifted its position in shares of Wells Fargo & Company by 14.3% during the 1st quarter. Beck Mack & Oliver LLC now owns 4,082 shares of the financial services provider’s stock worth $293,000 after buying an additional 510 shares during the period. Retirement Planning Co of New England Inc. lifted its position in shares of Wells Fargo & Company by 0.8% during the 1st quarter. Retirement Planning Co of New England Inc. now owns 18,434 shares of the financial services provider’s stock worth $1,323,000 after buying an additional 144 shares during the period. Quarry LP lifted its position in shares of Wells Fargo & Company by 407.3% during the 1st quarter. Quarry LP now owns 7,782 shares of the financial services provider’s stock worth $559,000 after buying an additional 6,248 shares during the period. Finally, Saudi Central Bank bought a new position in shares of Wells Fargo & Company during the 1st quarter worth approximately $93,000. Institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. The Goldman Sachs Group cut their target price on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a research report on Wednesday, July 16th. Phillip Securities downgraded Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Citigroup reiterated a “neutral” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Finally, Truist Financial lifted their price objective on Wells Fargo & Company from $83.00 to $86.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. Eleven investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $81.58.

Wells Fargo & Company Stock Up 0.2%

NYSE WFC opened at $82.15 on Monday. The stock has a fifty day moving average of $80.31 and a 200-day moving average of $74.96. The stock has a market capitalization of $263.17 billion, a P/E ratio of 14.07, a price-to-earnings-growth ratio of 1.28 and a beta of 1.25. Wells Fargo & Company has a 52 week low of $50.22 and a 52 week high of $84.83. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating the consensus estimate of $1.41 by $0.13. The company had revenue of $20.82 billion during the quarter, compared to analysts’ expectations of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business’s revenue for the quarter was up .6% on a year-over-year basis. During the same period last year, the firm earned $1.33 EPS. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 8th will be paid a $0.45 dividend. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. Wells Fargo & Company’s payout ratio is 30.82%.

About Wells Fargo & Company

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.