Wells Fargo & Company $WFC Stock Position Lifted by NEOS Investment Management LLC

NEOS Investment Management LLC raised its stake in Wells Fargo & Company (NYSE:WFC) by 10.9% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 507,034 shares of the financial services provider’s stock after purchasing an additional 50,003 shares during the quarter. NEOS Investment Management LLC’s holdings in Wells Fargo & Company were worth $41,901,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Godfrey Financial Associates Inc. purchased a new position in shares of Wells Fargo & Company during the 4th quarter valued at $25,000. Miller Capital Partners Inc. acquired a new position in shares of Wells Fargo & Company in the fourth quarter worth $25,000. Navalign LLC purchased a new stake in shares of Wells Fargo & Company during the fourth quarter worth $26,000. Phillip James Consulting Co. purchased a new stake in shares of Wells Fargo & Company during the first quarter worth $28,000. Finally, Core Wealth Advisors LLC acquired a new stake in Wells Fargo & Company during the fourth quarter valued at $29,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on WFC. Morgan Stanley boosted their target price on Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Bank of America raised their price target on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Robert W. Baird boosted their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Finally, Keefe, Bruyette & Woods cut 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 report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $98.61.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $89.15 on Friday. The firm has a market capitalization of $269.59 billion, a PE ratio of 12.96, a PEG ratio of 0.97 and a beta of 0.92. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76. 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 firm’s fifty day simple moving average is $86.56 and its 200 day simple moving average is $82.61.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $21.86 billion. During the same quarter in the previous year, the business earned $1.60 EPS. The business’s revenue was up 8.6% on a year-over-year basis. On average, sell-side analysts anticipate that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 7th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.2%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s payout ratio is presently 29.07%.

Wells Fargo & Company 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.