Glenview Trust Co Purchases New Position in Wells Fargo & Company $WFC

Glenview Trust Co purchased a new stake in Wells Fargo & Company (NYSE:WFC) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 101,646 shares of the financial services provider’s stock, valued at approximately $8,400,000.

A number of other institutional investors have also recently made changes to their positions in the company. Bryn Mawr Trust Advisors LLC purchased a new position in Wells Fargo & Company during the second quarter valued at $658,000. Swiss Life Asset Management Ltd boosted its stake in shares of 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 worth $32,673,000 after acquiring an additional 14,168 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in shares of Wells Fargo & Company by 4.4% during the 4th 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 in the last quarter. Norges Bank bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $4,512,563,000. Finally, Winning Points Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $3,384,000. 75.90% of the stock is owned by institutional investors and hedge funds.

More 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 Stock Up 1.9%

WFC opened at $86.62 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76. The company has a fifty day moving average of $86.27 and a two-hundred day moving average of $82.71. The stock has a market capitalization of $261.94 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 0.92 and a beta of 0.92.

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

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be given a $0.50 dividend. The ex-dividend date is Friday, August 7th. This is a positive change 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 dividend payout ratio (DPR) is currently 29.07%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on WFC shares. Robert W. Baird raised their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. JPMorgan Chase & Co. boosted their target price on Wells Fargo & Company from $93.50 to $95.50 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Phillip Securities raised shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Sunday, June 14th. Finally, UBS Group reduced their price objective on shares of Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.