Longfellow Investment Management Co. LLC Purchases New Position in Wells Fargo & Company $WFC

Longfellow Investment Management Co. LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, Holdings Channel.com reports. The firm bought 30,878 shares of the financial services provider’s stock, valued at approximately $2,552,000.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Wells Fargo & Company in the 4th quarter valued at approximately $4,512,563,000. Capital Research Global Investors lifted its holdings in Wells Fargo & Company by 4.9% in the 4th quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider’s stock worth $3,487,687,000 after purchasing an additional 1,760,484 shares during the last quarter. Legal & General Group Plc boosted its position in Wells Fargo & Company by 0.9% during the fourth quarter. Legal & General Group Plc now owns 21,197,423 shares of the financial services provider’s stock worth $1,975,600,000 after purchasing an additional 188,186 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Wells Fargo & Company by 13.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider’s stock worth $1,922,257,000 after purchasing an additional 2,369,260 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in Wells Fargo & Company during the second quarter valued at approximately $1,364,923,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Up 0.2%

NYSE:WFC opened at $83.83 on Friday. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $253.50 billion, a P/E ratio of 12.18, a P/E/G ratio of 0.91 and a beta of 0.92. The stock’s fifty day simple moving average is $86.08 and its 200-day simple moving average is $82.97.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, beating the consensus estimate of $1.73 by $0.23. The firm had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The business’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.60 earnings per share. Equities research analysts expect that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.4%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, August 7th. Wells Fargo & Company’s dividend payout ratio is presently 29.07%.

Analyst Upgrades and Downgrades

WFC has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Raymond James Financial reiterated a “market perform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. Truist Financial upped their price target on Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, June 26th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $98.61.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.