Mengis Capital Management Inc. Has $502,000 Holdings in Wells Fargo & Company $WFC

Mengis Capital Management Inc. reduced its stake in shares of Wells Fargo & Company (NYSE:WFC) by 4.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,265 shares of the financial services provider’s stock after selling 299 shares during the quarter. Mengis Capital Management Inc.’s holdings in Wells Fargo & Company were worth $502,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of WFC. Livforsakringsbolaget Skandia Omsesidigt raised its stake in Wells Fargo & Company by 2,735,254.3% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock valued at $76,095,550,000 after purchasing an additional 949,735,001 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Wells Fargo & Company by 277.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock valued at $771,092,000 after purchasing an additional 7,894,919 shares during the last quarter. Strs Ohio acquired a new position in Wells Fargo & Company during the 1st quarter valued at $109,643,000. Canada Pension Plan Investment Board raised its stake in Wells Fargo & Company by 34.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,307,366 shares of the financial services provider’s stock valued at $381,016,000 after purchasing an additional 1,365,629 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Wells Fargo & Company by 30.5% in the 1st quarter. Principal Financial Group Inc. now owns 4,926,423 shares of the financial services provider’s stock valued at $353,668,000 after buying an additional 1,152,181 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Up 0.1%

WFC opened at $79.79 on Friday. The firm’s 50-day simple moving average is $80.63 and its 200-day simple moving average is $76.48. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. Wells Fargo & Company has a twelve month low of $57.35 and a twelve month high of $86.65. The firm has a market cap of $255.60 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 1.29 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. During the same quarter in the prior year, the firm earned $1.33 EPS. The firm’s quarterly revenue was up .6% compared to the same quarter last year. Equities research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s payout ratio is currently 30.82%.

Analyst Upgrades and Downgrades

WFC has been the topic of several analyst reports. Phillip Securities lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, July 17th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Saturday, October 4th. Evercore ISI boosted their price target on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. The Goldman Sachs Group lowered their price target on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a report on Wednesday, July 16th. Finally, Truist Financial boosted their price target on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Nine analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company has an average rating of “Moderate Buy” and an average price target of $85.41.

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.