Chemistry Wealth Management LLC Has $1.52 Million Position in Wells Fargo & Company $WFC

Chemistry Wealth Management LLC decreased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 24.4% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 18,388 shares of the financial services provider’s stock after selling 5,948 shares during the period. Chemistry Wealth Management LLC’s holdings in Wells Fargo & Company were worth $1,520,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of WFC. Nixon Peabody Trust Co. raised its position in 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 buying an additional 115 shares during the last quarter. Simmons Bank raised its position in Wells Fargo & Company by 1.9% in the fourth quarter. Simmons Bank now owns 6,359 shares of the financial services provider’s stock worth $593,000 after acquiring an additional 116 shares during the period. Moss Adams Wealth Advisors LLC lifted its stake in Wells Fargo & Company by 1.0% in the fourth quarter. Moss Adams Wealth Advisors LLC now owns 12,048 shares of the financial services provider’s stock valued at $1,123,000 after purchasing an additional 117 shares during the last quarter. Wood Tarver Financial Group LLC raised its stake in shares of Wells Fargo & Company by 1.6% in the fourth quarter. Wood Tarver Financial Group LLC now owns 7,754 shares of the financial services provider’s stock valued at $722,000 after buying an additional 120 shares during the period. Finally, Mine & Arao Wealth Creation & Management LLC. raised its stake in shares of Wells Fargo & Company by 0.4% in the fourth quarter. Mine & Arao Wealth Creation & Management LLC. now owns 32,410 shares of the financial services provider’s stock valued at $3,021,000 after buying an additional 122 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Down 0.4%

Shares of NYSE WFC opened at $87.25 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. The company has a market cap of $263.86 billion, a P/E ratio of 12.68, a P/E/G ratio of 0.95 and a beta of 0.92. Wells Fargo & Company has a 52 week low of $72.78 and a 52 week high of $97.76. The business has a 50-day simple moving average of $84.90 and a two-hundred day simple moving average of $83.06.

Wells Fargo & Company (NYSE:WFC) last announced 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. 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 analysts’ expectations of $21.86 billion. During the same period in the prior year, the business posted $1.60 earnings per share. The company’s revenue was up 8.6% on a year-over-year basis. Research analysts anticipate that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be paid a dividend of $0.50 per share. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, August 7th. Wells Fargo & Company’s dividend payout ratio is presently 26.16%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. KGI Securities downgraded Wells Fargo & Company to a “hold” rating in a research note on Thursday, April 16th. Truist Financial upped their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a report on Friday, June 26th. Keefe, Bruyette & Woods cut their target price on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a research report on Wednesday, July 15th. Robert W. Baird lifted their target price on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Two 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 company’s stock. According to data from MarketBeat.com, Wells Fargo & Company presently has an average rating of “Moderate Buy” and a consensus price target 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.