Fisher Funds Management LTD Grows Stock Position in Wells Fargo & Company $WFC

Fisher Funds Management LTD increased its stake in Wells Fargo & Company (NYSE:WFC) by 54.0% in the second quarter, Holdings Channel reports. The institutional investor owned 23,712 shares of the financial services provider’s stock after acquiring an additional 8,317 shares during the period. Fisher Funds Management LTD’s holdings in Wells Fargo & Company were worth $1,960,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Godfrey Financial Associates Inc. bought a new position in Wells Fargo & Company during the fourth quarter valued at $25,000. Miller Capital Partners Inc. bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $25,000. Navalign LLC bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $26,000. Joseph Group Capital Management purchased a new position in shares of Wells Fargo & Company during the 4th quarter worth about $28,000. Finally, Phillip James Consulting Co. purchased a new position in shares of Wells Fargo & Company during the 1st quarter worth about $28,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

WFC has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods reduced their price objective on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 15th. Bank of America boosted their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Raymond James Financial reiterated a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Finally, Morgan Stanley raised their price target on Wells Fargo & Company from $97.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $98.61.

Wells Fargo & Company News Roundup

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

• Positive Sentiment: Investors have been rotating from high-flying artificial-intelligence stocks into financial shares, creating broader momentum for banks such as Wells Fargo. Risk-On Momentum in Bank Stocks Echoes Aftermath of Dot-Com Bust
• Positive Sentiment: Wells Fargo’s investment case is strengthened by the expected removal of its asset cap, potential net-interest-income growth and shareholder capital returns. The stock has gained 20.5% over three months, though investors are evaluating whether that momentum can continue. WFC Stock Gains 20.5% in 3 Months: Buy, Hold or Sell the Stock Now?
• Positive Sentiment: The bank’s tokenized-deposit launch for corporate and commercial clients could expand payment and settlement capabilities, while new debt and preferred-share offerings support its broader post-asset-cap investment strategy. Is Wells Fargo’s Tokenized Deposit Push Reshaping Its Post-Cap Investment Story?

Wells Fargo & Company Price Performance

Shares of WFC stock opened at $88.13 on Friday. The company has a market capitalization of $266.51 billion, a P/E ratio of 12.81, a P/E/G ratio of 0.97 and a beta of 0.92. The company’s 50-day simple moving average is $85.60 and its two-hundred day simple moving average is $83.06. Wells Fargo & Company has a one year low of $72.78 and a one year high of $97.76. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90.

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 for the quarter, beating the consensus estimate of $1.73 by $0.23. The firm had revenue of $22.62 billion during 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 company’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.60 earnings per share. As a group, equities analysts anticipate that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

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

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.