ArrowMark Colorado Holdings LLC lifted its stake in Wells Fargo & Company (NYSE:WFC) by 31.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,132,010 shares of the financial services provider’s stock after buying an additional 269,800 shares during the quarter. ArrowMark Colorado Holdings LLC’s holdings in Wells Fargo & Company were worth $28,979,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in WFC. HHM Wealth Advisors LLC purchased a new position in shares of Wells Fargo & Company in the first quarter worth $27,000. Watson Rebecca bought a new stake in Wells Fargo & Company in the second quarter worth $37,000. Hoover Financial Advisors Inc. bought a new stake in Wells Fargo & Company in the second quarter worth $37,000. Global Wealth Management Investment Advisory Inc. increased its position in Wells Fargo & Company by 95.0% in the first quarter. Global Wealth Management Investment Advisory Inc. now owns 1,320 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 643 shares during the last quarter. Finally, Selective Wealth Management Inc. increased its position in Wells Fargo & Company by 227.2% in the second quarter. Selective Wealth Management Inc. now owns 1,623 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 1,127 shares during the last quarter. 67.25% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts recently weighed in on WFC shares. Atlantic Securities upgraded shares of Wells Fargo & Company from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $28.00 to $30.00 in a research report on Wednesday, July 22nd. Robert W. Baird upgraded shares of Wells Fargo & Company from a “neutral” rating to an “outperform” rating and set a $35.00 price target on the stock in a research report on Friday, July 10th. ValuEngine upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating in a research report on Wednesday, September 2nd. Morgan Stanley cut their price objective on shares of Wells Fargo & Company from $25.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Friday, September 11th. Finally, Oppenheimer reiterated a “hold” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $33.15.
NYSE WFC traded up $0.74 on Wednesday, hitting $25.62. The stock had a trading volume of 1,121,431 shares, compared to its average volume of 41,499,492. The business’s fifty day moving average price is $24.56 and its 200 day moving average price is $27.41. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.88 and a quick ratio of 0.86. Wells Fargo & Company has a 52-week low of $22.00 and a 52-week high of $54.75. The stock has a market cap of $102.51 billion, a price-to-earnings ratio of 28.60, a price-to-earnings-growth ratio of 125.04 and a beta of 1.08.
Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported ($0.66) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by ($0.50). Wells Fargo & Company had a return on equity of 4.33% and a net margin of 6.26%. The firm had revenue of $17.80 billion during the quarter, compared to analysts’ expectations of $18.30 billion. During the same period in the prior year, the firm posted $1.30 earnings per share. Wells Fargo & Company’s revenue for the quarter was down 17.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 0.02 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend was Thursday, August 6th. Wells Fargo & Company’s dividend payout ratio is currently 9.13%.
About Wells Fargo & Company
Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services to individuals, businesses, and institutions in the United States and internationally. It operates in three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.
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