Wells Fargo & Company $WFC Shares Purchased by SouthState Corp

SouthState Corp grew its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 8.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,632 shares of the financial services provider’s stock after purchasing an additional 1,190 shares during the quarter. SouthState Corp’s holdings in Wells Fargo & Company were worth $1,172,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Livforsakringsbolaget Skandia Omsesidigt increased its stake in shares of Wells Fargo & Company by 2,735,254.3% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock worth $76,095,550,000 after acquiring an additional 949,735,001 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Wells Fargo & Company by 277.4% in the first 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 during the period. Strs Ohio acquired a new stake in Wells Fargo & Company during the first quarter worth about $109,643,000. Canada Pension Plan Investment Board raised its stake in Wells Fargo & Company by 34.6% during the first quarter. Canada Pension Plan Investment Board now owns 5,307,366 shares of the financial services provider’s stock worth $381,016,000 after purchasing an additional 1,365,629 shares during the period. Finally, Phoenix Financial Ltd. boosted its holdings in Wells Fargo & Company by 437.6% in the 2nd quarter. Phoenix Financial Ltd. now owns 1,312,103 shares of the financial services provider’s stock valued at $105,120,000 after purchasing an additional 1,068,040 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Down 1.0%

WFC stock opened at $86.06 on Friday. The company’s 50 day moving average price is $83.17 and its 200 day moving average price is $79.11. The firm has a market capitalization of $275.69 billion, a price-to-earnings ratio of 14.15, a PEG ratio of 1.18 and a beta of 1.22. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $88.50. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.84 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.11. The firm had revenue of $21.44 billion during the quarter, compared to the consensus estimate of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The company’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.42 earnings per share. On average, equities research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts recently commented on WFC shares. Phillip Securities cut Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, July 17th. Morgan Stanley upped their price target on Wells Fargo & Company from $95.00 to $97.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 15th. Citigroup increased their price target on Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. Truist Financial boosted their price objective on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Finally, TD Cowen upped their target price on shares of Wells Fargo & Company from $90.00 to $93.00 and gave the company a “hold” rating in a research 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’s stock. According to MarketBeat, the company 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.