Aries Wealth Management Takes Position in Wells Fargo & Company $WFC

Aries Wealth Management bought a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 2,700 shares of the financial services provider’s stock, valued at approximately $216,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Livforsakringsbolaget Skandia Omsesidigt lifted its position in shares of Wells Fargo & Company by 2,735,254.3% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock valued at $76,095,550,000 after buying an additional 949,735,001 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Wells Fargo & Company by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 20,497,429 shares of the financial services provider’s stock valued at $1,471,259,000 after purchasing an additional 128,207 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Wells Fargo & Company by 277.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock valued at $771,092,000 after purchasing an additional 7,894,919 shares in the last quarter. Pzena Investment Management LLC lifted its holdings in Wells Fargo & Company by 5.5% in the 2nd quarter. Pzena Investment Management LLC now owns 10,371,812 shares of the financial services provider’s stock valued at $830,990,000 after purchasing an additional 542,493 shares in the last quarter. Finally, Boston Partners lifted its holdings in Wells Fargo & Company by 6.2% in the 1st quarter. Boston Partners now owns 8,953,009 shares of the financial services provider’s stock valued at $640,616,000 after purchasing an additional 523,107 shares in the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on WFC shares. Evercore ISI raised their price objective on Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Morgan Stanley lowered Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $87.00 to $90.00 in a report on Monday, September 29th. Dbs Bank upgraded Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a report on Thursday, July 17th. Truist Financial raised their price objective on Wells Fargo & Company from $86.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Finally, UBS Group reduced their price target on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating on the stock in a report on Tuesday, October 7th. Nine equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, Wells Fargo & Company currently has an average rating of “Moderate Buy” and a consensus target price of $86.77.

Wells Fargo & Company Stock Up 7.1%

NYSE WFC opened at $84.51 on Wednesday. Wells Fargo & Company has a 52 week low of $58.42 and a 52 week high of $86.65. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The business’s fifty day simple moving average is $80.79 and its 200-day simple moving average is $76.67. The firm has a market cap of $270.71 billion, a PE ratio of 14.47, a P/E/G ratio of 1.27 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.66 EPS for the quarter, topping the consensus estimate of $1.55 by $0.11. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business had revenue of $21.44 billion for the quarter, compared to analyst estimates of $21.11 billion. During the same quarter in the previous year, the firm earned $1.42 EPS. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. As a group, equities analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors 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 was Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.1%. Wells Fargo & Company’s payout ratio is presently 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.