Pzena Investment Management LLC Acquires 542,493 Shares of Wells Fargo & Company $WFC

Pzena Investment Management LLC lifted its holdings in Wells Fargo & Company (NYSE:WFC) by 5.5% during the second quarter, HoldingsChannel reports. The firm owned 10,371,812 shares of the financial services provider’s stock after purchasing an additional 542,493 shares during the period. Wells Fargo & Company comprises 2.7% of Pzena Investment Management LLC’s investment portfolio, making the stock its 14th biggest position. Pzena Investment Management LLC’s holdings in Wells Fargo & Company were worth $830,990,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in WFC. 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 valued at $313,000 after purchasing an additional 128 shares in 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 valued at $582,000 after purchasing an additional 128 shares in 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 valued at $293,000 after purchasing an additional 129 shares in the last quarter. Vivid Wealth Management LLC boosted its holdings in Wells Fargo & Company by 0.8% during the second quarter. Vivid Wealth Management LLC now owns 17,243 shares of the financial services provider’s stock valued at $1,381,000 after purchasing an additional 133 shares in the last quarter. Finally, 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 valued at $539,000 after purchasing an additional 135 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

WFC has been the subject of a number of research analyst reports. Dbs Bank upgraded shares of Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Cowen reiterated a “hold” rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Phillip Securities cut shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, Truist Financial lifted their target price on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Nine analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $85.41.

Wells Fargo & Company Stock Performance

WFC stock opened at $77.74 on Monday. 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 company has a 50 day moving average price of $80.63 and a 200 day moving average price of $76.56. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $86.65. The stock has a market capitalization of $249.04 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 1.25 and a beta of 1.25.

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, topping the consensus estimate 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 firm had revenue of $20.82 billion during the quarter, compared to analysts’ expectations of $20.83 billion. During the same quarter in the previous year, the company posted $1.33 EPS. Wells Fargo & Company’s revenue was up .6% on a year-over-year basis. Analysts forecast 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. Investors of record on Friday, August 8th were given 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 annualized dividend and a yield of 2.3%. Wells Fargo & Company’s dividend payout ratio is presently 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.