1900 Wealth Management LLC Increases Position in Wells Fargo & Company $WFC

1900 Wealth Management LLC grew its position in shares of Wells Fargo & Company (NYSE:WFC) by 3.5% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,089 shares of the financial services provider’s stock after purchasing an additional 307 shares during the period. 1900 Wealth Management LLC’s holdings in Wells Fargo & Company were worth $728,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. CBIZ Investment Advisory Services LLC lifted its stake in Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 322 shares in the last quarter. Motco grew its position in Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 326 shares in the last quarter. Accent Capital Management LLC purchased a new stake in Wells Fargo & Company during the first quarter worth about $29,000. 1248 Management LLC acquired a new stake in shares of Wells Fargo & Company during the first quarter worth about $31,000. Finally, Stone House Investment Management LLC acquired a new stake in shares of Wells Fargo & Company during the first quarter worth about $34,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on WFC shares. Evercore ISI lifted their price objective on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a report on Tuesday. 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. Truist Financial increased their price objective on Wells Fargo & Company from $86.00 to $88.00 and gave the company a “buy” rating in a research note on Wednesday, September 24th. Morgan Stanley cut Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $87.00 to $90.00 in a research note on Monday. Finally, Piper Sandler restated an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Nine investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $83.74.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $80.47 on Friday. The stock’s 50-day simple moving average is $80.84 and its 200-day simple moving average is $76.22. The firm has a market capitalization of $257.79 billion, a PE ratio of 13.78, a price-to-earnings-growth ratio of 1.25 and a beta of 1.25. Wells Fargo & Company has a fifty-two week low of $54.40 and a fifty-two week high of $86.65. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating 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 company had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. During the same period in the prior year, the firm posted $1.33 earnings per share. The firm’s revenue was up .6% on a year-over-year basis. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced 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 positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. Wells Fargo & Company’s payout ratio is 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.