2,650 Shares in Wells Fargo & Company $WFC Acquired by Somerville Kurt F

Somerville Kurt F bought a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 2,650 shares of the financial services provider’s stock, valued at approximately $212,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brighton Jones LLC raised its holdings in Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock worth $4,652,000 after purchasing an additional 25,436 shares in the last quarter. First Citizens Bank & Trust Co. boosted its holdings in shares of Wells Fargo & Company by 2.2% in the 1st quarter. First Citizens Bank & Trust Co. now owns 36,632 shares of the financial services provider’s stock valued at $2,630,000 after buying an additional 778 shares in the last quarter. NewSquare Capital LLC grew its position in shares of Wells Fargo & Company by 48.8% in the 1st quarter. NewSquare Capital LLC now owns 2,061 shares of the financial services provider’s stock worth $148,000 after buying an additional 676 shares during the last quarter. City Holding Co. raised its stake in shares of Wells Fargo & Company by 26.7% during the 1st quarter. City Holding Co. now owns 1,850 shares of the financial services provider’s stock worth $133,000 after acquiring an additional 390 shares in the last quarter. Finally, Pallas Capital Advisors LLC raised its stake in shares of Wells Fargo & Company by 5.9% during the 1st quarter. Pallas Capital Advisors LLC now owns 41,943 shares of the financial services provider’s stock worth $3,011,000 after acquiring an additional 2,349 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on WFC shares. Morgan Stanley downgraded shares of Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $87.00 to $90.00 in a research note on Monday, September 29th. Weiss Ratings restated a “hold (c)” rating on shares of Wells Fargo & Company in a research note on Saturday, September 27th. The Goldman Sachs Group decreased their price target on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Raymond James Financial downgraded Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a report on Monday, July 7th. Finally, Evercore ISI upped 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, September 30th. Eight research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, Wells Fargo & Company presently has an average rating of “Hold” and an average target price of $85.41.

Wells Fargo & Company Stock Up 0.5%

Wells Fargo & Company stock opened at $81.09 on Wednesday. The business’s 50-day simple moving average is $80.69 and its two-hundred day simple moving average is $76.42. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The company has a market cap of $259.75 billion, a PE ratio of 13.88, a PEG ratio of 1.24 and a beta of 1.25. Wells Fargo & Company has a fifty-two week low of $57.07 and a fifty-two week high of $86.65.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. The firm had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company’s revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.33 earnings per share. Equities analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were issued a $0.45 dividend. This is an increase 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 annualized dividend and a dividend yield of 2.2%. Wells Fargo & Company’s payout ratio is currently 30.82%.

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.