Envestnet Portfolio Solutions Inc. Purchases 53,630 Shares of Wells Fargo & Company $WFC

Envestnet Portfolio Solutions Inc. boosted its position in shares of Wells Fargo & Company (NYSE:WFC) by 74.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 126,043 shares of the financial services provider’s stock after acquiring an additional 53,630 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Wells Fargo & Company were worth $10,565,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Wells Fargo & Company in the 2nd quarter worth $3,990,551,000. Massachusetts Financial Services Co. MA raised its stake in Wells Fargo & Company by 54.9% in the second 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 buying an additional 5,894,747 shares during the last quarter. Amundi boosted its holdings in Wells Fargo & Company by 18.2% in the second quarter. Amundi now owns 14,155,753 shares of the financial services provider’s stock worth $1,165,868,000 after acquiring an additional 2,180,693 shares in the last quarter. Laurel Wealth Advisors LLC boosted its holdings in Wells Fargo & Company by 8,010.7% in the second quarter. Laurel Wealth Advisors LLC now owns 1,973,730 shares of the financial services provider’s stock worth $158,135,000 after acquiring an additional 1,949,395 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Wells Fargo & Company by 939.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,920,799 shares of the financial services provider’s stock worth $153,894,000 after acquiring an additional 1,736,036 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently commented on WFC shares. Argus increased their price objective on shares of Wells Fargo & Company from $94.00 to $101.00 and gave the company a “buy” rating in a research report on Thursday, January 15th. Robert W. Baird cut shares of Wells Fargo & Company from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 6th. CICC Research initiated coverage on shares of Wells Fargo & Company in a research note on Wednesday, January 14th. They set a “market perform” rating and a $96.00 price objective for the company. Royal Bank Of Canada reissued an “outperform” rating and issued a $100.00 target price on shares of Wells Fargo & Company in a research report on Thursday, January 15th. Finally, Truist Financial reduced their target price on Wells Fargo & Company from $104.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, January 15th. Thirteen research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $94.87.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $87.00 on Friday. The firm has a market capitalization of $273.11 billion, a P/E ratio of 13.88, a PEG ratio of 0.95 and a beta of 1.09. The stock has a 50-day simple moving average of $90.33 and a two-hundred day simple moving average of $84.97. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.84 and a current ratio of 0.90. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $97.76.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Wednesday, January 14th. The financial services provider reported $1.76 EPS for the quarter, topping the consensus estimate of $1.66 by $0.10. The firm had revenue of $11.97 billion for the quarter, compared to analyst estimates of $21.63 billion. Wells Fargo & Company had a return on equity of 12.90% and a net margin of 17.27%.Wells Fargo & Company’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period last year, the company earned $1.43 earnings per share. On average, equities analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 7th were paid a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, November 7th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 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.