Ethic Inc. Acquires 1,752 Shares of Wells Fargo & Company $WFC

Ethic Inc. raised its holdings in Wells Fargo & Company (NYSE:WFC) by 3.0% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 60,381 shares of the financial services provider’s stock after acquiring an additional 1,752 shares during the quarter. Ethic Inc.’s holdings in Wells Fargo & Company were worth $4,800,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. McElhenny Sheffield Capital Management LLC bought a new position in Wells Fargo & Company in the 2nd quarter valued at $27,000. CBIZ Investment Advisory Services LLC grew its position in shares of Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock worth $27,000 after buying an additional 322 shares in the last quarter. Accent Capital Management LLC bought a new position in shares of Wells Fargo & Company during the 1st quarter worth $29,000. Motco grew its position in shares of Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after buying an additional 326 shares in the last quarter. Finally, Nova Wealth Management Inc. grew its position in shares of Wells Fargo & Company by 112.9% during the 2nd quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider’s stock worth $34,000 after buying an additional 227 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 0.6%

Shares of NYSE WFC opened at $84.35 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a market capitalization of $270.22 billion, a P/E ratio of 13.87, a price-to-earnings-growth ratio of 1.15 and a beta of 1.25. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $87.47. The business has a fifty day moving average price of $81.71 and a 200 day moving average price of $77.44.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.11. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The firm had revenue of $21.44 billion during the quarter, compared to analysts’ expectations of $21.11 billion. During the same period in the prior year, the business posted $1.42 EPS. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. Equities research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.61%.

Analysts Set New Price Targets

WFC has been the topic of a number of recent research reports. Keefe, Bruyette & Woods increased their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 15th. Morgan Stanley increased their price target on Wells Fargo & Company from $95.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 15th. Cfra Research raised Wells Fargo & Company to a “moderate buy” rating in a research report on Wednesday, October 15th. Piper Sandler reissued an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Finally, Bank of America upped their price objective on Wells Fargo & Company from $92.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Eleven analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, Wells Fargo & Company presently has an average rating of “Moderate Buy” and a consensus price target of $89.57.

About Wells Fargo & Company

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.