Abacus Planning Group Inc. Purchases 570 Shares of Wells Fargo & Company $WFC

Abacus Planning Group Inc. boosted its position in Wells Fargo & Company (NYSE:WFC) by 9.8% during the 2nd quarter, Holdings Channel reports. The fund owned 6,357 shares of the financial services provider’s stock after buying an additional 570 shares during the period. Abacus Planning Group Inc.’s holdings in Wells Fargo & Company were worth $509,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the stock. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in shares of Wells Fargo & Company by 2,735,254.3% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock valued at $76,095,550,000 after purchasing an additional 949,735,001 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Wells Fargo & Company by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 20,497,429 shares of the financial services provider’s stock valued at $1,471,259,000 after purchasing an additional 128,207 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Wells Fargo & Company by 277.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock valued at $771,092,000 after purchasing an additional 7,894,919 shares in the last quarter. Boston Partners lifted its holdings in shares of Wells Fargo & Company by 6.2% in the first quarter. Boston Partners now owns 8,953,009 shares of the financial services provider’s stock valued at $640,616,000 after purchasing an additional 523,107 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Wells Fargo & Company by 10.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,009,440 shares of the financial services provider’s stock valued at $431,418,000 after purchasing an additional 544,473 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $80.47 on Friday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The business has a fifty day simple moving average of $80.84 and a two-hundred day simple moving average of $76.22. Wells Fargo & Company has a 1 year low of $54.40 and a 1 year high of $86.65. The company has a market capitalization of $257.79 billion, a P/E ratio of 13.78, a P/E/G ratio of 1.25 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. During the same period last year, the business posted $1.33 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis. On average, analysts expect 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. Stockholders of record on Friday, August 8th were issued a $0.45 dividend. The ex-dividend date of this dividend was Friday, August 8th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. Wells Fargo & Company’s dividend payout ratio is 30.82%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on WFC shares. Cowen restated a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Evercore ISI increased their price target on Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a research report on Tuesday. Morgan Stanley downgraded Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $87.00 to $90.00 in a research report on Monday. Piper Sandler reaffirmed an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Finally, Raymond James Financial downgraded Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research report on Monday, July 7th. Nine equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.74.

Wells Fargo & 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.