Cohen Investment Advisors LLC Boosts Position in Wells Fargo & Company $WFC

Cohen Investment Advisors LLC increased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 2.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 50,576 shares of the financial services provider’s stock after purchasing an additional 1,442 shares during the quarter. Wells Fargo & Company makes up approximately 2.1% of Cohen Investment Advisors LLC’s portfolio, making the stock its 17th biggest position. Cohen Investment Advisors LLC’s holdings in Wells Fargo & Company were worth $4,052,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. CBIZ Investment Advisory Services LLC lifted its stake in Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after buying an additional 322 shares during the last quarter. Motco lifted its stake in Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after buying an additional 326 shares during the last quarter. Accent Capital Management LLC purchased a new stake in Wells Fargo & Company in the first quarter valued at approximately $29,000. 1248 Management LLC purchased a new stake in Wells Fargo & Company in the first quarter valued at approximately $31,000. Finally, Stone House Investment Management LLC purchased a new stake in Wells Fargo & Company in the first quarter valued at approximately $34,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 1.7%

Shares of WFC stock opened at $79.74 on Thursday. The business’s fifty day moving average price is $80.65 and its 200 day moving average price is $76.44. Wells Fargo & Company has a 1-year low of $57.07 and a 1-year high of $86.65. The firm has a market capitalization of $255.44 billion, a PE ratio of 13.65, a P/E/G ratio of 1.31 and a beta of 1.25. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83.

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

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.3%. 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. Wells Fargo & Company’s dividend payout ratio is currently 30.82%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on WFC shares. Weiss Ratings upgraded Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday. The Goldman Sachs Group reduced their price objective 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. Cowen reiterated a “hold” rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Morgan Stanley lowered Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $87.00 to $90.00 in a report on Monday, September 29th. Finally, Piper Sandler reissued an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Nine equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $85.41.

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.