Forum Financial Management LP Has $4.32 Million Position in Wells Fargo & Company $WFC

Forum Financial Management LP lowered its position in Wells Fargo & Company (NYSE:WFC) by 3.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 53,886 shares of the financial services provider’s stock after selling 2,202 shares during the period. Forum Financial Management LP’s holdings in Wells Fargo & Company were worth $4,317,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WFC. Brighton Jones LLC grew its holdings in Wells Fargo & Company by 62.3% during the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock valued at $4,652,000 after purchasing an additional 25,436 shares during the last quarter. GAMMA Investing LLC grew its holdings in Wells Fargo & Company by 11.3% during the first quarter. GAMMA Investing LLC now owns 47,264 shares of the financial services provider’s stock valued at $3,393,000 after purchasing an additional 4,786 shares during the last quarter. Oppenheimer & Co. Inc. grew its holdings in Wells Fargo & Company by 51.7% during the first quarter. Oppenheimer & Co. Inc. now owns 66,766 shares of the financial services provider’s stock valued at $4,793,000 after purchasing an additional 22,759 shares during the last quarter. AssuredPartners Investment Advisors LLC grew its holdings in Wells Fargo & Company by 13.8% during the first quarter. AssuredPartners Investment Advisors LLC now owns 5,704 shares of the financial services provider’s stock valued at $409,000 after purchasing an additional 692 shares during the last quarter. Finally, Legacy Advisors LLC grew its holdings in Wells Fargo & Company by 5.4% during the first quarter. Legacy Advisors LLC now owns 14,637 shares of the financial services provider’s stock valued at $1,051,000 after purchasing an additional 748 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on WFC shares. Truist Financial increased their price target on Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Piper Sandler restated an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. The Goldman Sachs Group lowered their price objective on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a research note on Wednesday, July 16th. Dbs Bank upgraded shares of Wells Fargo & Company to a “moderate buy” rating in a research note on Tuesday. Finally, Barclays raised their price objective on shares of Wells Fargo & Company from $87.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. Eleven equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $89.57.

Wells Fargo & Company Stock Down 1.0%

Shares of WFC stock opened at $83.91 on Thursday. The stock has a market cap of $268.79 billion, a P/E ratio of 13.80, a price-to-earnings-growth ratio of 1.16 and a beta of 1.25. Wells Fargo & Company has a one year low of $58.42 and a one year high of $87.47. The stock has a fifty day moving average price of $81.61 and a 200 day moving average price of $77.29. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.11. The company had revenue of $21.44 billion during the quarter, compared to analysts’ expectations of $21.11 billion. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The business’s revenue was up 5.3% on a year-over-year basis. During the same period last year, the business earned $1.42 earnings per share. Analysts predict 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. Shareholders of record on Friday, August 8th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.61%.

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.