Coastal Bridge Advisors LLC Acquires New Shares in Wells Fargo & Company $WFC

Coastal Bridge Advisors LLC acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, HoldingsChannel.com reports. The firm acquired 8,688 shares of the financial services provider’s stock, valued at approximately $718,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Bryn Mawr Trust Advisors LLC purchased a new position in Wells Fargo & Company in the 2nd quarter worth approximately $658,000. Swiss Life Asset Management Ltd grew its holdings in Wells Fargo & Company by 4.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 350,567 shares of the financial services provider’s stock valued at $32,673,000 after buying an additional 14,168 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of Wells Fargo & Company by 4.4% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 412,511 shares of the financial services provider’s stock valued at $38,446,000 after buying an additional 17,302 shares during the last quarter. Norges Bank bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $4,512,563,000. Finally, Winning Points Advisors LLC purchased a new position in shares of Wells Fargo & Company in the fourth quarter worth $3,384,000. 75.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

WFC has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their target price on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Weiss Ratings restated a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. 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 report on Friday, June 26th. Finally, Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $98.61.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $86.62 on Friday. The company has a market cap of $261.94 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 0.92 and a beta of 0.92. The firm’s fifty day moving average is $86.27 and its 200 day moving average is $82.71. 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 has a 52-week low of $72.78 and a 52-week high of $97.76.

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

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, August 7th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 2.3%. Wells Fargo & Company’s payout ratio is presently 29.07%.

Key Wells Fargo & Company News

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

• Positive Sentiment: Wells Fargo is reportedly seeking to recruit hundreds of independent financial advisers, expanding its Wealth & Investment Management division and targeting affluent and high-net-worth clients. The initiative builds on a multiyear overhaul and could support fee-based revenue, asset growth and deeper customer relationships. WFC Broadens Wealth Focus: Can Its Multi-Year Revamp Drive Growth?
• Positive Sentiment: The wealth-management push follows an approximately $1.5 billion revamp and emphasizes independent advisers who can use Wells Fargo’s platform and infrastructure. Successful hiring and retention could improve the division’s long-term growth prospects, although benefits will take time to materialize. Wells Fargo Steps Up Wealth Hiring After $1.5 Billion Revamp
• Neutral Sentiment: Analysts collectively maintain a “Moderate Buy” recommendation for Wells Fargo. The rating indicates generally constructive sentiment, but it does not represent a new earnings forecast or a clearly identifiable catalyst. Wells Fargo Given Average Recommendation of Moderate Buy by Analysts
• Neutral Sentiment: A market-focused report noted that WFC advanced even as the broader market declined, suggesting relative investor support. The article did not identify a major new earnings announcement, guidance change or regulatory development behind the move. Wells Fargo Gains As Market Dips: What You Should Know

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.