Jacobi Capital Management LLC Raises Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Jacobi Capital Management LLC lifted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 12.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,241 shares of the financial services provider’s stock after purchasing an additional 1,401 shares during the quarter. Jacobi Capital Management LLC’s holdings in Wells Fargo & Company were worth $593,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of WFC. Qube Research & Technologies Ltd purchased a new stake in Wells Fargo & Company in the fourth quarter worth approximately $31,496,000. FDx Advisors Inc. boosted its stake in Wells Fargo & Company by 107.6% in the fourth quarter. FDx Advisors Inc. now owns 29,038 shares of the financial services provider’s stock worth $1,393,000 after buying an additional 15,052 shares in the last quarter. Pinnacle Associates Ltd. boosted its stake in Wells Fargo & Company by 1.3% in the fourth quarter. Pinnacle Associates Ltd. now owns 127,442 shares of the financial services provider’s stock worth $6,115,000 after buying an additional 1,648 shares in the last quarter. Valmark Advisers Inc. boosted its stake in Wells Fargo & Company by 28.3% in the fourth quarter. Valmark Advisers Inc. now owns 7,801 shares of the financial services provider’s stock worth $374,000 after buying an additional 1,720 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its stake in Wells Fargo & Company by 2.5% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 792,948 shares of the financial services provider’s stock worth $38,562,000 after buying an additional 19,262 shares in the last quarter. Hedge funds and other institutional investors own 74.01% of the company’s stock.

Wells Fargo & Company Trading Up 2.3 %

NYSE WFC opened at $43.76 on Friday. Wells Fargo & Company has a 12 month low of $36.54 and a 12 month high of $60.30. The stock has a market cap of $165.98 billion, a P/E ratio of 10.49, a P/E/G ratio of 1.08 and a beta of 1.18. The stock’s fifty day moving average price is $41.50 and its 200-day moving average price is $46.94. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.94.

Wells Fargo & Company (NYSE:WFC – Get Rating) last released its quarterly earnings data on Friday, July 15th. The financial services provider reported $0.74 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.14). Wells Fargo & Company had a net margin of 22.52% and a return on equity of 10.67%. The business had revenue of $17.03 billion for the quarter, compared to analysts’ expectations of $17.54 billion. During the same period last year, the business earned $1.38 earnings per share. The company’s quarterly revenue was down 16.0% on a year-over-year basis. As a group, equities analysts forecast that Wells Fargo & Company will post 4 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Friday, August 5th will be given a dividend of $0.30 per share. The ex-dividend date is Thursday, August 4th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a dividend yield of 2.74%. Wells Fargo & Company’s dividend payout ratio (DPR) is 23.98%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on WFC. Citigroup cut their target price on Wells Fargo & Company from $56.00 to $47.00 and set a “buy” rating for the company in a research note on Tuesday, July 12th. BMO Capital Markets lowered their price objective on Wells Fargo & Company from $64.00 to $60.00 and set a “market perform” rating for the company in a research report on Monday, April 18th. Royal Bank of Canada lowered their price objective on Wells Fargo & Company from $55.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday, July 1st. Piper Sandler set a $48.00 price objective on Wells Fargo & Company in a research report on Monday, June 20th. Finally, Jefferies Financial Group lowered their price objective on Wells Fargo & Company from $55.00 to $47.00 in a research report on Monday, July 11th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $55.31.

Wells Fargo & Company Company Profile

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Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.