10,967 Shares in Wells Fargo & Company $WFC Bought by Pointe Capital Management LLC

Pointe Capital Management LLC purchased a new position in Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,967 shares of the financial services provider’s stock, valued at approximately $906,000.

Other institutional investors have also added to or reduced their stakes in the company. Western Wealth Management LLC bought a new position in shares of Wells Fargo & Company during the second quarter valued at about $290,000. First Bancorp Inc ME bought a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at about $579,000. Jupiter Topco LLC bought a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at about $31,997,000. EFG International AG purchased a new stake in Wells Fargo & Company during the 2nd quarter valued at about $568,000. Finally, Ancora Advisors LLC purchased a new stake in Wells Fargo & Company during the 2nd quarter valued at about $1,121,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo is stepping up efforts to recruit independent financial advisers after a reported $1.5 billion overhaul of its wealth-management business. Expanding the adviser network could increase assets under management, fee revenue and the division’s long-term growth prospects. Wells Fargo Makes New Push to Recruit Wealth Managers
• Positive Sentiment: A comparison with PNC Financial characterized WFC as offering a lower valuation and improving efficiency, supporting the view that the stock may have additional value potential despite PNC’s stronger growth and dividend yield. Wells Fargo vs. PNC Financial: Which Stock Offers Better Upside Now?
• Neutral Sentiment: The bank’s most recent quarterly results provide a supportive backdrop: earnings and revenue exceeded analyst expectations, with revenue rising year over year. However, the stock’s valuation and outlook remain sensitive to interest rates, loan growth and credit costs.
• Negative Sentiment: Wells Fargo is reportedly foreclosing on Workspace Property Trust’s $1.3 billion property portfolio after falling occupancy and asset values increased financial stress. Recovering collateral could limit losses, but the action underscores commercial real-estate exposure and potential pressure on credit quality. Wells Fargo Forecloses On $1.3B Workspace Property Trust Loan

Wall Street Analysts Forecast Growth

WFC has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price target on Wells Fargo & Company from $93.50 to $95.50 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods dropped their price objective on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a research note on Wednesday, July 15th. Bank of America raised their target price on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average target price of $98.61.

Wells Fargo & Company Trading Down 0.3%

NYSE:WFC opened at $85.00 on Friday. The company has a 50-day moving average price of $86.19 and a 200-day moving average price of $82.68. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. The stock has a market cap of $257.04 billion, a price-to-earnings ratio of 12.35, a P/E/G ratio of 0.93 and a beta of 0.92. Wells Fargo & Company has a 12 month low of $72.78 and a 12 month high of $97.76.

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

Wells Fargo & Company Increases Dividend

The firm 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 dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, August 7th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.4%. Wells Fargo & Company’s dividend payout ratio is currently 29.07%.

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.