Canvas Wealth Advisors LLC Purchases New Holdings in Wells Fargo & Company $WFC

Canvas Wealth Advisors LLC acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 3,109 shares of the financial services provider’s stock, valued at approximately $258,000.

Other large investors have also modified their holdings of the company. CBIZ Investment Advisory Services LLC increased its holdings in Wells Fargo & Company by 585.5% in the 1st 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 period. McElhenny Sheffield Capital Management LLC acquired a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at about $27,000. Motco increased 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 acquiring an additional 326 shares during the period. Accent Capital Management LLC bought a new stake in Wells Fargo & Company in the first quarter valued at about $29,000. Finally, 1248 Management LLC acquired a new position in Wells Fargo & Company in the first quarter worth about $31,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Price Performance

Shares of WFC stock opened at $85.97 on Tuesday. The stock’s fifty day moving average is $81.38 and its 200-day moving average is $77.19. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.84 and a current ratio of 0.84. The stock has a market capitalization of $275.39 billion, a PE ratio of 14.14, a PEG ratio of 1.15 and a beta of 1.25. Wells Fargo & Company has a 52 week low of $58.42 and a 52 week high of $87.47.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, August 8th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s dividend payout ratio is 29.61%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on WFC. Phillip Securities downgraded Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, July 17th. Evercore ISI raised their target price on Wells Fargo & Company from $94.00 to $98.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Cfra Research upgraded Wells Fargo & Company to a “moderate buy” rating in a research note on Wednesday, October 15th. Finally, Barclays lifted their price objective on Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Ten research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Wells Fargo & Company currently has an average rating of “Moderate Buy” and an average price target of $89.57.

About Wells Fargo & Company

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.