WCG Wealth Advisors LLC Purchases 60,206 Shares of Wells Fargo & Company $WFC

WCG Wealth Advisors LLC boosted its position in Wells Fargo & Company (NYSE:WFC) by 158.3% during the fourth quarter, Holdings Channel reports. The fund owned 98,227 shares of the financial services provider’s stock after acquiring an additional 60,206 shares during the period. WCG Wealth Advisors LLC’s holdings in Wells Fargo & Company were worth $9,155,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Godfrey Financial Associates Inc. bought a new position in Wells Fargo & Company in the fourth quarter valued at $25,000. Navalign LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at about $26,000. Joseph Group Capital Management bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at about $28,000. Core Wealth Advisors LLC bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at about $29,000. Finally, Redmont Wealth Advisors LLC bought a new position in shares of Wells Fargo & Company during the third quarter valued at about $27,000. Institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. HSBC upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $94.00 target price for the company in a report on Wednesday, April 1st. Jefferies Financial Group assumed coverage on shares of Wells Fargo & Company in a report on Thursday, March 26th. They set a “buy” rating and a $100.00 target price for the company. UBS Group reiterated a “buy” rating and set a $113.00 target price on shares of Wells Fargo & Company in a report on Wednesday, February 4th. Keefe, Bruyette & Woods dropped their target price on shares of Wells Fargo & Company from $101.00 to $98.00 and set a “market perform” rating for the company in a report on Wednesday, April 15th. Finally, Truist Financial dropped their target price on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “buy” rating for the company in a report on Tuesday, March 17th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $97.53.

Key Headlines Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Bank of America said Wells Fargo may now be an attractive buying opportunity, noting the stock has fallen more sharply than its underlying fundamentals and now looks cheap relative to peers. Wells Fargo shares at attractive entry point amid execution concerns
• Neutral Sentiment: Wells Fargo is using recent publicity to highlight its consumer and housing franchise, including a new survey showing many first-time homebuyers lack mortgage knowledge. This is more of a brand and engagement story than a direct earnings catalyst. Are You Ready to Buy a Home? Wells Fargo Finds Most Prospective First-Time Buyers Aren’t and Don’t Know It
• Neutral Sentiment: Wells Fargo also announced that CFO Mike Santomassimo will present at the Morgan Stanley U.S. Financials Conference on June 9, which could provide fresh commentary on strategy and outlook. Wells Fargo to Present at the Morgan Stanley U.S. Financials Conference
• Negative Sentiment: Investor attention is still being weighed down by concerns around Wells Fargo’s execution and the lingering fallout from product-transition issues tied to Bilt’s move away from Wells Fargo as a banking partner, which has prompted CFPB involvement. CFPB Meets With Bilt Following Credit Card Switchover Issues

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $78.72 on Thursday. Wells Fargo & Company has a fifty-two week low of $71.93 and a fifty-two week high of $97.76. The company has a 50 day simple moving average of $79.12 and a two-hundred day simple moving average of $84.75. The company has a market capitalization of $240.90 billion, a price-to-earnings ratio of 12.15, a P/E/G ratio of 0.93 and a beta of 0.93. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.90 and a current ratio of 0.90.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.02. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. The company had revenue of $11.62 billion during the quarter, compared to analyst estimates of $21.85 billion. During the same period in the previous year, the business earned $1.39 EPS. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. Analysts expect that Wells Fargo & Company will post 6.84 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Friday, May 8th. Wells Fargo & Company’s payout ratio is presently 27.78%.

Wells Fargo & Company 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.