Frank Rimerman Advisors LLC Increases Position in Wells Fargo & Company $WFC

Frank Rimerman Advisors LLC raised its holdings in Wells Fargo & Company (NYSE:WFC) by 29.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 30,238 shares of the financial services provider’s stock after acquiring an additional 6,858 shares during the period. Frank Rimerman Advisors LLC’s holdings in Wells Fargo & Company were worth $2,423,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Access Investment Management LLC purchased a new position in Wells Fargo & Company during the second quarter worth approximately $25,000. CBIZ Investment Advisory Services LLC grew 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 in the last quarter. McElhenny Sheffield Capital Management LLC acquired a new stake in shares of Wells Fargo & Company in the 2nd quarter worth $27,000. Motco increased its stake in shares of Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 326 shares during the last quarter. Finally, Accent Capital Management LLC purchased a new position in shares of Wells Fargo & Company during the 1st quarter worth $29,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Down 1.8%

Shares of NYSE WFC opened at $83.49 on Tuesday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. The business’s 50 day moving average is $83.80 and its two-hundred day moving average is $80.06. Wells Fargo & Company has a 52-week low of $58.42 and a 52-week high of $88.64. The firm has a market cap of $262.07 billion, a price-to-earnings ratio of 13.73, a PEG ratio of 1.18 and a beta of 1.22.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.73 EPS for the quarter, topping the consensus estimate of $1.55 by $0.18. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The business had revenue of $21.44 billion during the quarter, compared to analyst estimates of $21.11 billion. During the same period last year, the business posted $1.42 earnings per share. The company’s quarterly revenue was up 5.3% on a year-over-year basis. Research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 7th will be paid a dividend of $0.45 per share. The ex-dividend date is Friday, November 7th. This represents a $1.80 dividend on an annualized basis and a yield of 2.2%. Wells Fargo & Company’s dividend payout ratio is 29.61%.

Analyst Upgrades and Downgrades

WFC has been the subject of a number of analyst reports. UBS Group dropped their price objective on shares of Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a report on Tuesday, October 7th. Evercore ISI boosted their target price on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Truist Financial raised their price target on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $95.00 to $97.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 15th. Finally, Keefe, Bruyette & Woods upped their price objective on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “market perform” 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’s stock. Based on data from MarketBeat, the company presently 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.