SP Asset Management LLC Has $21.94 Million Stake in Wells Fargo & Company $WFC

SP Asset Management LLC grew its position in Wells Fargo & Company (NYSE:WFC) by 0.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 273,798 shares of the financial services provider’s stock after purchasing an additional 1,543 shares during the quarter. Wells Fargo & Company comprises approximately 1.8% of SP Asset Management LLC’s investment portfolio, making the stock its 16th biggest position. SP Asset Management LLC’s holdings in Wells Fargo & Company were worth $21,937,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in WFC. Accretive Wealth Partners LLC bought a new stake in Wells Fargo & Company during the first quarter worth $399,000. Banco Bilbao Vizcaya Argentaria S.A. lifted its stake in Wells Fargo & Company by 10.4% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider’s stock worth $54,471,000 after purchasing an additional 71,740 shares during the last quarter. Secured Retirement Advisors LLC bought a new stake in Wells Fargo & Company during the first quarter worth $408,000. Three Bridge Wealth Advisors LLC bought a new stake in Wells Fargo & Company during the second quarter worth $364,000. Finally, Allianz SE lifted its stake in Wells Fargo & Company by 22.6% during the first quarter. Allianz SE now owns 212,335 shares of the financial services provider’s stock worth $15,244,000 after purchasing an additional 39,150 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on WFC. Citigroup upped their target price on Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 23rd. TD Cowen upped their target price on Wells Fargo & Company from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Wednesday, October 15th. Weiss Ratings upgraded Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, October 8th. UBS Group cut their price objective 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. Finally, Truist Financial raised their price objective on Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a report 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 MarketBeat.com, Wells Fargo & Company presently has an average rating of “Moderate Buy” and a consensus price target of $89.57.

Wells Fargo & Company Trading Down 0.2%

NYSE WFC opened at $86.96 on Thursday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $88.50. The company has a market cap of $278.57 billion, a price-to-earnings ratio of 14.30, a price-to-earnings-growth ratio of 1.18 and a beta of 1.22. The business’s fifty day moving average is $83.09 and its 200 day moving average is $79.06.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.11. The company had revenue of $21.44 billion for the quarter, compared to the consensus estimate of $21.11 billion. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.Wells Fargo & Company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the business posted $1.42 EPS. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 7th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Friday, November 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.61%.

Wells Fargo & Company 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.