Massachusetts Wealth Management Has $2.59 Million Stock Holdings in Wells Fargo & Company $WFC

Massachusetts Wealth Management boosted its stake in shares of Wells Fargo & Company (NYSE:WFC) by 0.6% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 32,317 shares of the financial services provider’s stock after buying an additional 200 shares during the quarter. Wells Fargo & Company accounts for 1.5% of Massachusetts Wealth Management’s investment portfolio, making the stock its 25th biggest position. Massachusetts Wealth Management’s holdings in Wells Fargo & Company were worth $2,589,000 at the end of the most recent quarter.

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

Wells Fargo & Company Stock Down 1.7%

Shares of NYSE:WFC opened at $79.74 on Thursday. The stock’s 50-day moving average price is $80.65 and its 200-day moving average price is $76.44. Wells Fargo & Company has a 12-month low of $57.07 and a 12-month high of $86.65. The stock has a market capitalization of $255.44 billion, a P/E ratio of 13.65, a price-to-earnings-growth ratio of 1.31 and a beta of 1.25. 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 announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $20.82 billion for the quarter, compared to analysts’ expectations of $20.83 billion. During the same period last year, the firm earned $1.33 earnings per share. The company’s revenue for the quarter was up .6% compared to the same quarter last year. On average, equities 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 disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company’s payout ratio is 30.82%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on WFC shares. Evercore ISI increased their price objective on Wells Fargo & Company from $94.00 to $98.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Saturday, October 4th. 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. Phillip Securities downgraded Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Finally, Dbs Bank raised Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Nine research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $85.41.

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.