Highland Capital Management LLC Has $2.13 Million Holdings in Wells Fargo & Company $WFC

Highland Capital Management LLC lessened its stake in Wells Fargo & Company (NYSE:WFC) by 3.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 26,586 shares of the financial services provider’s stock after selling 1,015 shares during the quarter. Highland Capital Management LLC’s holdings in Wells Fargo & Company were worth $2,130,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Wealth Management Partners LLC boosted its holdings in Wells Fargo & Company by 3.5% during the second quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider’s stock worth $313,000 after purchasing an additional 128 shares during the last quarter. Verum Partners LLC boosted its holdings in Wells Fargo & Company by 1.8% during the second quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider’s stock worth $582,000 after purchasing an additional 128 shares during the last quarter. Motive Wealth Advisors boosted its holdings in Wells Fargo & Company by 3.7% during the second quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider’s stock worth $293,000 after purchasing an additional 129 shares during the last quarter. Lynch & Associates IN boosted its holdings in Wells Fargo & Company by 2.0% during the second quarter. Lynch & Associates IN now owns 6,729 shares of the financial services provider’s stock worth $539,000 after purchasing an additional 135 shares during the last quarter. Finally, Financial Management Professionals Inc. boosted its holdings in Wells Fargo & Company by 19.3% during the second quarter. Financial Management Professionals Inc. now owns 854 shares of the financial services provider’s stock worth $68,000 after purchasing an additional 138 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on WFC shares. Piper Sandler restated an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Cowen restated a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. The Goldman Sachs Group dropped their price target on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a research report on Wednesday, July 16th. Evercore ISI upped their price target on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Saturday. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $83.74.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $80.63 on Friday. The firm has a market capitalization of $258.28 billion, a P/E ratio of 13.81, a price-to-earnings-growth ratio of 1.24 and a beta of 1.25. The firm’s fifty day moving average price is $80.77 and its two-hundred day moving average price is $76.31. Wells Fargo & Company has a 1 year low of $55.98 and a 1 year high of $86.65. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate 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%. The company’s revenue was up .6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.33 earnings per share. As a group, research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a $0.45 dividend. The ex-dividend date of this dividend was Friday, August 8th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. Wells Fargo & Company’s payout ratio is currently 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.