NorthRock Partners LLC Boosts Holdings in Wells Fargo & Company $WFC

NorthRock Partners LLC increased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 0.4% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 83,501 shares of the financial services provider’s stock after buying an additional 344 shares during the quarter. NorthRock Partners LLC’s holdings in Wells Fargo & Company were worth $6,690,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in WFC. CBIZ Investment Advisory Services LLC increased its holdings in Wells Fargo & Company by 585.5% during the first 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 during the last quarter. McElhenny Sheffield Capital Management LLC purchased a new stake in Wells Fargo & Company during the second quarter worth about $27,000. Motco increased its holdings in Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after buying an additional 326 shares during the last quarter. Accent Capital Management LLC purchased a new stake in Wells Fargo & Company during the first quarter worth about $29,000. Finally, 1248 Management LLC bought a new position in Wells Fargo & Company during the first quarter worth about $31,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Wall Street Zen upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Saturday, October 4th. Citigroup increased their target price on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. Truist Financial increased their target price on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Finally, Evercore ISI increased their target price on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Nine research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus target price of $85.41.

Wells Fargo & Company Price Performance

WFC stock opened at $77.74 on Monday. The firm has a 50 day moving average of $80.63 and a 200-day moving average of $76.56. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 12 month low of $58.42 and a 12 month high of $86.65. The firm has a market capitalization of $249.04 billion, a P/E ratio of 13.31, a price-to-earnings-growth ratio of 1.25 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same period last year, the business earned $1.33 earnings per share. Wells Fargo & Company’s revenue was up .6% compared to the same quarter last year. As a group, sell-side analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were given a dividend of $0.45 per share. The ex-dividend date was Friday, August 8th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.3%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 30.82%.

Wells Fargo & Company Company Profile

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.