Cardinal Point Capital Management ULC Takes Position in Wells Fargo & Company $WFC

Cardinal Point Capital Management ULC acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 4,675 shares of the financial services provider’s stock, valued at approximately $375,000.

A number of other institutional investors have also recently made changes to their positions in the company. Avion Wealth grew its position in shares of Wells Fargo & Company by 49.7% during the second quarter. Avion Wealth now owns 12,411 shares of the financial services provider’s stock valued at $994,000 after purchasing an additional 4,123 shares in the last quarter. Silver Oak Advisory Group Inc. purchased a new position in shares of Wells Fargo & Company during the second quarter valued at about $590,000. FSM Wealth Advisors LLC purchased a new position in shares of Wells Fargo & Company during the second quarter valued at about $259,000. Cornerstone Advisory LLC grew its position in shares of Wells Fargo & Company by 1.9% during the second quarter. Cornerstone Advisory LLC now owns 7,443 shares of the financial services provider’s stock valued at $596,000 after purchasing an additional 140 shares in the last quarter. Finally, Bleakley Financial Group LLC grew its position in shares of Wells Fargo & Company by 8.9% during the second quarter. Bleakley Financial Group LLC now owns 82,382 shares of the financial services provider’s stock valued at $6,600,000 after purchasing an additional 6,722 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 2.2%

Shares of NYSE WFC opened at $86.35 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84. The company has a market cap of $276.61 billion, a P/E ratio of 14.20, a PEG ratio of 1.16 and a beta of 1.25. Wells Fargo & Company has a 1 year low of $58.42 and a 1 year high of $87.47. The firm has a 50-day simple moving average of $81.89 and a two-hundred day simple moving average of $77.61.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.11. The business had revenue of $21.44 billion during the quarter, compared to the consensus estimate of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.42 earnings per share. Research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were paid 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 annualized dividend and a yield of 2.1%. Wells Fargo & Company’s payout ratio is 29.61%.

Analysts Set New Price Targets

Several research analysts recently commented on WFC shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday. Truist Financial lifted their price target on Wells Fargo & Company from $88.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. Phillip Securities lowered Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, July 17th. The Goldman Sachs Group dropped their price target on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a research report on Wednesday, July 16th. Finally, Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Saturday, October 4th. Eleven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company presently has an average rating of “Moderate Buy” and an average target price of $89.57.

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.