Bleakley Financial Group LLC Raises Stock Position in Wells Fargo & Company $WFC

Bleakley Financial Group LLC lifted its stake in shares of Wells Fargo & Company (NYSE:WFC) by 12.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 94,935 shares of the financial services provider’s stock after buying an additional 10,642 shares during the quarter. Bleakley Financial Group LLC’s holdings in Wells Fargo & Company were worth $8,848,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Private Wealth Group LLC increased its holdings in shares of Wells Fargo & Company by 2.5% in the 4th quarter. Private Wealth Group LLC now owns 4,514 shares of the financial services provider’s stock valued at $421,000 after acquiring an additional 108 shares during the period. Nixon Peabody Trust Co. increased its holdings in shares of Wells Fargo & Company by 3.6% in the 4th quarter. Nixon Peabody Trust Co. now owns 3,351 shares of the financial services provider’s stock valued at $312,000 after acquiring an additional 115 shares during the period. Simmons Bank increased its holdings in shares of Wells Fargo & Company by 1.9% in the 4th quarter. Simmons Bank now owns 6,359 shares of the financial services provider’s stock valued at $593,000 after acquiring an additional 116 shares during the period. Moss Adams Wealth Advisors LLC increased its holdings in shares of Wells Fargo & Company by 1.0% in the 4th quarter. Moss Adams Wealth Advisors LLC now owns 12,048 shares of the financial services provider’s stock valued at $1,123,000 after acquiring an additional 117 shares during the period. Finally, Main Street Group LTD increased its holdings in shares of Wells Fargo & Company by 36.9% in the 3rd quarter. Main Street Group LTD now owns 438 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 118 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $76.52 on Tuesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market capitalization of $234.15 billion, a P/E ratio of 11.81, a P/E/G ratio of 0.90 and a beta of 0.96. The company’s fifty day moving average is $78.95 and its two-hundred day moving average is $85.16. Wells Fargo & Company has a 1 year low of $71.89 and a 1 year high of $97.76.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.02. The company had revenue of $11.62 billion for the quarter, compared to analysts’ expectations of $21.85 billion. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. Wells Fargo & Company’s revenue was up 6.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.39 EPS. On average, sell-side analysts predict that Wells Fargo & Company will post 6.82 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Friday, May 8th. Wells Fargo & Company’s payout ratio is currently 27.78%.

Analysts Set New Price Targets

WFC has been the topic of a number of recent research reports. Morgan Stanley cut their target price on shares of Wells Fargo & Company from $108.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 31st. Keefe, Bruyette & Woods cut their target price on shares of Wells Fargo & Company from $101.00 to $98.00 and set a “market perform” rating on the stock in a report on Wednesday, April 15th. Barclays cut their target price on shares of Wells Fargo & Company from $113.00 to $108.00 and set an “overweight” rating on the stock in a report on Wednesday, April 15th. The Goldman Sachs Group cut their target price on shares of Wells Fargo & Company from $109.00 to $93.00 and set a “buy” rating on the stock in a report on Monday, March 23rd. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $94.00 target price (down from $100.00) on shares of Wells Fargo & Company in a report on Wednesday, April 15th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $97.53.

Insider Buying and Selling at Wells Fargo & Company

In other Wells Fargo & Company news, EVP Ellen R. Patterson sold 60,000 shares of the business’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $87.40, for a total value of $5,244,000.00. Following the transaction, the executive vice president directly owned 169,496 shares of the company’s stock, valued at approximately $14,813,950.40. The trade was a 26.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Bridget E. Engle sold 30,000 shares of the business’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $87.10, for a total transaction of $2,613,000.00. Following the completion of the transaction, the executive vice president directly owned 83,478 shares in the company, valued at $7,270,933.80. This represents a 26.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.14% of the company’s stock.

Wells Fargo & 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.