Sound View Wealth Advisors Group LLC Increases Stock Position in Wells Fargo & Company $WFC

Sound View Wealth Advisors Group LLC grew its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 301.2% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 29,539 shares of the financial services provider’s stock after buying an additional 22,176 shares during the period. Sound View Wealth Advisors Group LLC’s holdings in Wells Fargo & Company were worth $2,367,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Accretive Wealth Partners LLC purchased a new stake in Wells Fargo & Company during the first quarter valued at $399,000. Banco Bilbao Vizcaya Argentaria S.A. raised its position in Wells Fargo & Company by 10.4% in 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 acquiring an additional 71,740 shares during the period. Secured Retirement Advisors LLC bought a new position in Wells Fargo & Company in the first quarter worth approximately $408,000. Three Bridge Wealth Advisors LLC purchased a new position in shares of Wells Fargo & Company during the 2nd quarter worth $364,000. Finally, Allianz SE grew its position in shares of Wells Fargo & Company by 22.6% during the 1st quarter. Allianz SE now owns 212,335 shares of the financial services provider’s stock valued at $15,244,000 after acquiring an additional 39,150 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

WFC has been the topic of a number of recent research reports. Bank of America raised their target price on Wells Fargo & Company from $92.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. UBS Group decreased their price objective on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday, October 7th. Morgan Stanley lifted their price objective on 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. Truist Financial increased their target price 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. Finally, TD Cowen raised their target price on shares of Wells Fargo & Company from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Wednesday, October 15th. Eleven equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company has an average rating of “Moderate Buy” and a consensus price target of $89.57.

Wells Fargo & Company Stock Up 0.0%

NYSE WFC opened at $86.05 on Friday. The stock has a 50 day moving average price of $83.25 and a 200-day moving average price of $79.36. Wells Fargo & Company has a one year low of $58.42 and a one year 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. The company has a market capitalization of $270.11 billion, a P/E ratio of 14.15, a P/E/G ratio of 1.18 and a beta of 1.22.

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

Wells Fargo & Company Dividend Announcement

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

Wells Fargo & 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.