PCM Encore LLC Takes Position in Wells Fargo & Company $WFC

PCM Encore LLC acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 13,540 shares of the financial services provider’s stock, valued at approximately $1,119,000.

Several other large investors have also made changes to their positions in the company. Brighton Jones LLC grew its holdings in shares of Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock worth $4,652,000 after purchasing an additional 25,436 shares during the period. Jump Financial LLC raised its holdings in Wells Fargo & Company by 12.9% in the second quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider’s stock valued at $1,835,000 after buying an additional 2,615 shares during the period. Main Street Financial Solutions LLC raised its holdings in Wells Fargo & Company by 111.0% in the second quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider’s stock valued at $1,122,000 after buying an additional 7,368 shares during the period. Vivaldi Capital Management LP raised its holdings in Wells Fargo & Company by 5.4% in the second quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider’s stock valued at $259,000 after buying an additional 165 shares during the period. Finally, Diversify Advisory Services LLC lifted its position in Wells Fargo & Company by 51.2% during the second quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider’s stock valued at $2,044,000 after buying an additional 8,714 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on WFC. Bank of America boosted their price objective on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Wall Street Zen upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Truist Financial upped their price target on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. Robert W. Baird increased their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Finally, Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $98.61.

Wells Fargo & Company Trading Up 1.0%

WFC opened at $84.70 on Tuesday. The firm’s 50 day moving average is $86.11 and its 200-day moving average is $82.85. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $256.13 billion, a P/E ratio of 12.31, a P/E/G ratio of 0.91 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.23. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The business had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. During the same period in the prior year, the firm earned $1.60 earnings per share. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. Analysts expect that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be paid a dividend of $0.50 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, August 7th. Wells Fargo & Company’s payout ratio is 29.07%.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.