Proficio Capital Partners LLC Invests $1.18 Million in Wells Fargo & Company $WFC

Proficio Capital Partners LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 14,276 shares of the financial services provider’s stock, valued at approximately $1,180,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Wells Fargo & Company in the fourth quarter worth about $4,512,563,000. Legal & General Group Plc purchased a new position in shares of Wells Fargo & Company during the second quarter valued at approximately $1,635,881,000. Bank of New York Mellon Corp bought a new position in shares of Wells Fargo & Company during the second quarter valued at approximately $1,364,923,000. Deutsche Bank AG bought a new position in shares of Wells Fargo & Company during the second quarter valued at approximately $859,431,000. Finally, Pzena Investment Management LLC purchased a new stake in shares of Wells Fargo & Company in the second quarter worth approximately $729,502,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Trading Down 0.3%

Shares of NYSE WFC opened at $85.00 on Friday. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76. The firm has a market cap of $257.04 billion, a PE ratio of 12.35, a price-to-earnings-growth ratio of 0.93 and a beta of 0.92. The business has a fifty day simple moving average of $86.19 and a two-hundred day simple moving average of $82.68. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.23. The business had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The business’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.60 EPS. Analysts expect that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be given a dividend of $0.50 per share. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.4%. Wells Fargo & Company’s payout ratio is 29.07%.

Wells Fargo & Company News Summary

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo is stepping up efforts to recruit independent financial advisers after a reported $1.5 billion overhaul of its wealth-management business. Expanding the adviser network could increase assets under management, fee revenue and the division’s long-term growth prospects. Wells Fargo Makes New Push to Recruit Wealth Managers
• Positive Sentiment: A comparison with PNC Financial characterized WFC as offering a lower valuation and improving efficiency, supporting the view that the stock may have additional value potential despite PNC’s stronger growth and dividend yield. Wells Fargo vs. PNC Financial: Which Stock Offers Better Upside Now?
• Neutral Sentiment: The bank’s most recent quarterly results provide a supportive backdrop: earnings and revenue exceeded analyst expectations, with revenue rising year over year. However, the stock’s valuation and outlook remain sensitive to interest rates, loan growth and credit costs.
• Negative Sentiment: Wells Fargo is reportedly foreclosing on Workspace Property Trust’s $1.3 billion property portfolio after falling occupancy and asset values increased financial stress. Recovering collateral could limit losses, but the action underscores commercial real-estate exposure and potential pressure on credit quality. Wells Fargo Forecloses On $1.3B Workspace Property Trust Loan

Wall Street Analysts Forecast Growth

WFC has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods decreased their price target on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a research note on Wednesday, July 15th. Morgan Stanley upped their price objective on Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Raymond James Financial reiterated a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Truist Financial lifted their target price on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. Finally, Bank of America boosted their target price on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company currently has an average rating of “Moderate Buy” and an average price target of $98.61.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.