Patriot Financial Group Insurance Agency LLC Grows Position in Wells Fargo & Company $WFC

Patriot Financial Group Insurance Agency LLC raised its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 14.1% in the second quarter, Holdings Channel.com reports. The institutional investor owned 66,950 shares of the financial services provider’s stock after purchasing an additional 8,261 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Wells Fargo & Company were worth $5,364,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Accretive Wealth Partners LLC purchased a new stake in shares of Wells Fargo & Company during the first quarter worth $399,000. Banco Bilbao Vizcaya Argentaria S.A. grew its holdings in shares of Wells Fargo & Company by 10.4% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider’s stock valued at $54,471,000 after purchasing an additional 71,740 shares during the period. Secured Retirement Advisors LLC purchased a new stake in shares of Wells Fargo & Company in the first quarter valued at about $408,000. RKL Wealth Management LLC grew its holdings in shares of Wells Fargo & Company by 166.4% in the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock valued at $588,000 after purchasing an additional 5,113 shares during the period. Finally, Allianz SE grew its holdings in shares of Wells Fargo & Company by 22.6% in the first quarter. Allianz SE now owns 212,335 shares of the financial services provider’s stock valued at $15,244,000 after purchasing an additional 39,150 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on WFC. Morgan Stanley lowered shares of Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $87.00 to $90.00 in a report on Monday. Raymond James Financial lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a report on Monday, July 7th. Dbs Bank raised shares of Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a report on Thursday, July 17th. 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 note on Wednesday, September 24th. Finally, Cowen reiterated a “hold” rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Nine research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $83.74.

Wells Fargo & Company Stock Down 0.5%

Shares of WFC opened at $80.47 on Friday. The stock has a market capitalization of $257.79 billion, a PE ratio of 13.78, a P/E/G ratio of 1.25 and a beta of 1.25. Wells Fargo & Company has a 1 year low of $54.40 and a 1 year high of $86.65. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The company’s 50-day simple moving average is $80.84 and its 200-day simple moving average is $76.22.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.13. The business had revenue of $20.82 billion for the quarter, compared to analysts’ expectations of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.33 earnings per share. Analysts forecast that Wells Fargo & Company will post 5.89 earnings per share 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. Stockholders of record on Friday, August 8th were given a dividend of $0.45 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company’s dividend payout ratio is currently 30.82%.

Wells Fargo & 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.