Asio Capital LLC Raises Stock Position in Wells Fargo & Company $WFC

Asio Capital LLC raised its stake in Wells Fargo & Company (NYSE:WFC) by 3.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 51,146 shares of the financial services provider’s stock after buying an additional 1,757 shares during the period. Asio Capital LLC’s holdings in Wells Fargo & Company were worth $4,098,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in WFC. CBIZ Investment Advisory Services LLC increased its holdings in Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after buying an additional 322 shares in the last quarter. Motco increased its stake in shares of Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 326 shares in the last quarter. Accent Capital Management LLC purchased a new position in shares of Wells Fargo & Company during the 1st quarter worth approximately $29,000. 1248 Management LLC purchased a new position in shares of Wells Fargo & Company during the 1st quarter worth approximately $31,000. Finally, Stone House Investment Management LLC purchased a new position in shares of Wells Fargo & Company during the 1st quarter worth approximately $34,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Citigroup raised their price objective on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 23rd. Dbs Bank raised shares of Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Morgan Stanley cut shares of Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $87.00 to $90.00 in a research note on Monday. Truist Financial raised their price objective on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Finally, Evercore ISI reissued an “outperform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Nine equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.15.

Wells Fargo & Company Stock Down 0.4%

Shares of NYSE WFC opened at $84.64 on Tuesday. Wells Fargo & Company has a 1 year low of $54.40 and a 1 year high of $86.65. The firm’s 50 day moving average price is $80.93 and its 200 day moving average price is $76.06. The firm has a market cap of $271.14 billion, a P/E ratio of 14.49, a price-to-earnings-growth ratio of 1.31 and a beta of 1.25. 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 announced its quarterly earnings results 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. The company had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. Wells Fargo & Company’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the business earned $1.33 EPS. As a group, 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 business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were issued a $0.45 dividend. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. Wells Fargo & Company’s dividend payout ratio (DPR) is 30.82%.

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.