Phillips Wealth Planners LLC Raises Position in Wells Fargo & Company $WFC

Phillips Wealth Planners LLC increased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 179.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,515 shares of the financial services provider’s stock after buying an additional 6,112 shares during the quarter. Phillips Wealth Planners LLC’s holdings in Wells Fargo & Company were worth $768,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in Wells Fargo & Company in the second quarter valued at approximately $3,990,551,000. Massachusetts Financial Services Co. MA boosted its holdings in shares of Wells Fargo & Company by 54.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 16,635,681 shares of the financial services provider’s stock valued at $1,332,851,000 after purchasing an additional 5,894,747 shares during the last quarter. Amundi grew its stake in shares of Wells Fargo & Company by 18.2% during the 2nd quarter. Amundi now owns 14,155,753 shares of the financial services provider’s stock valued at $1,165,868,000 after buying an additional 2,180,693 shares during the period. Laurel Wealth Advisors LLC raised its position in shares of Wells Fargo & Company by 8,010.7% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,973,730 shares of the financial services provider’s stock worth $158,135,000 after buying an additional 1,949,395 shares during the period. Finally, Mawer Investment Management Ltd. acquired a new position in Wells Fargo & Company in the third quarter valued at $147,165,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

WFC has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their price target on Wells Fargo & Company from $99.00 to $99.50 and gave the stock a “neutral” rating in a research note on Monday, February 9th. TD Cowen dropped their target price on shares of Wells Fargo & Company from $102.00 to $100.00 and set a “hold” rating for the company in a research report on Thursday, January 15th. Dbs Bank upgraded shares of Wells Fargo & Company to a “moderate buy” rating in a report on Tuesday, October 21st. Wolfe Research reiterated an “outperform” rating and set a $109.00 price objective on shares of Wells Fargo & Company in a research note on Wednesday, January 7th. Finally, Truist Financial dropped their price objective on shares of Wells Fargo & Company from $104.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, January 15th. Thirteen equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $97.03.

Wells Fargo & Company Trading Up 0.8%

NYSE WFC opened at $86.94 on Monday. The stock has a market cap of $272.92 billion, a P/E ratio of 13.87, a PEG ratio of 0.95 and a beta of 1.09. The company’s fifty day simple moving average is $91.80 and its 200-day simple moving average is $85.93. The company has a current ratio of 0.90, a quick ratio of 0.84 and a debt-to-equity ratio of 1.05. Wells Fargo & Company has a 52 week low of $58.42 and a 52 week high of $97.76.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.10. Wells Fargo & Company had a net margin of 17.27% and a return on equity of 12.90%. The firm had revenue of $11.97 billion for the quarter, compared to the consensus estimate of $21.63 billion. During the same quarter in the previous year, the firm posted $1.43 EPS. The firm’s quarterly revenue was up 4.5% on a year-over-year basis. Equities research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Friday, February 6th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, February 6th. Wells Fargo & Company’s dividend payout ratio is 28.71%.

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.