Regal Partners Ltd Grows Position in Wells Fargo & Company $WFC

Regal Partners Ltd grew its position in Wells Fargo & Company (NYSE:WFC) by 9.8% during the 1st quarter, HoldingsChannel.com reports. The firm owned 663,572 shares of the financial services provider’s stock after acquiring an additional 58,976 shares during the quarter. Wells Fargo & Company makes up approximately 2.9% of Regal Partners Ltd’s investment portfolio, making the stock its 11th biggest position. Regal Partners Ltd’s holdings in Wells Fargo & Company were worth $52,827,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Empowered Funds LLC grew its stake in Wells Fargo & Company by 85.9% during the first quarter. Empowered Funds LLC now owns 685,602 shares of the financial services provider’s stock worth $54,581,000 after buying an additional 316,856 shares during the period. Excelsior Advisor Network LLC raised its stake in shares of Wells Fargo & Company by 5.4% in the 1st quarter. Excelsior Advisor Network LLC now owns 4,552 shares of the financial services provider’s stock valued at $362,000 after acquiring an additional 235 shares during the period. Quantinno Capital Management LP raised its stake in shares of Wells Fargo & Company by 17.9% in the 1st quarter. Quantinno Capital Management LP now owns 1,315,171 shares of the financial services provider’s stock valued at $104,701,000 after acquiring an additional 199,510 shares during the period. Polar Asset Management Partners Inc. acquired a new position in shares of Wells Fargo & Company during the 1st quarter valued at $3,041,000. Finally, SummitTX Capital L.P. purchased a new stake in Wells Fargo & Company during the 1st quarter worth $1,962,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $86.86 on Wednesday. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The company has a market capitalization of $265.82 billion, a price-to-earnings ratio of 12.63, a price-to-earnings-growth ratio of 0.95 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. The firm’s fifty day moving average price is $83.22 and its 200 day moving average price is $83.30.

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 2.3%. The ex-dividend date is Friday, August 7th. Wells Fargo & Company’s payout ratio is 26.16%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a report on Friday, July 17th. Truist Financial upped their target price on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. JPMorgan Chase & Co. raised their target price on Wells Fargo & Company from $86.50 to $93.50 and gave the company a “neutral” rating in a report on Monday, July 6th. Bank of America raised their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods decreased their price target on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a report on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $98.50.

About Wells Fargo & Company

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.