Focused Wealth Management Inc Acquires Shares of 2,616 Wells Fargo & Company $WFC

Focused Wealth Management Inc bought a new position in Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,616 shares of the financial services provider’s stock, valued at approximately $210,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wealth Management Partners LLC lifted its position in Wells Fargo & Company by 3.5% in the 2nd quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider’s stock valued at $313,000 after acquiring an additional 128 shares in the last quarter. Summit Wealth & Retirement Planning Inc. raised its stake in shares of Wells Fargo & Company by 4.3% in the first quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider’s stock worth $241,000 after purchasing an additional 139 shares during the last quarter. Nwam LLC lifted its holdings in shares of Wells Fargo & Company by 1.6% during the first quarter. Nwam LLC now owns 8,806 shares of the financial services provider’s stock valued at $632,000 after purchasing an additional 142 shares in the last quarter. PGIM Custom Harvest LLC boosted its position in shares of Wells Fargo & Company by 3.5% during the first quarter. PGIM Custom Harvest LLC now owns 4,225 shares of the financial services provider’s stock valued at $303,000 after buying an additional 142 shares during the last quarter. Finally, Tradition Wealth Management LLC boosted its position in shares of Wells Fargo & Company by 0.5% during the first quarter. Tradition Wealth Management LLC now owns 30,420 shares of the financial services provider’s stock valued at $2,184,000 after buying an additional 143 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $85.17 on Tuesday. The firm has a market capitalization of $272.85 billion, a PE ratio of 14.58, a PEG ratio of 1.31 and a beta of 1.25. The stock’s fifty day moving average is $80.47 and its 200 day moving average is $75.50. Wells Fargo & Company has a fifty-two week low of $53.31 and a fifty-two week high of $85.28. 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 posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business had revenue of $20.82 billion for the quarter, compared to analysts’ expectations of $20.83 billion. During the same quarter in the previous year, the business posted $1.33 earnings per share. The business’s revenue was up .6% compared to the same quarter last year. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, August 8th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s payout ratio is currently 30.82%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on WFC. Phillip Securities lowered Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Dbs Bank upgraded shares of Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Citigroup restated a “neutral” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Truist Financial boosted their target price on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. Finally, Bank of America increased their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, June 4th. Ten analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $82.56.

Wells Fargo & Company Company Profile

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.