Wells Fargo & Company $WFC Shares Acquired by Assetmark Inc.

Assetmark Inc. grew its holdings in Wells Fargo & Company (NYSE:WFC) by 41.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 836,797 shares of the financial services provider’s stock after purchasing an additional 246,156 shares during the quarter. Assetmark Inc.’s holdings in Wells Fargo & Company were worth $67,044,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Premier Path Wealth Partners LLC lifted its stake in shares of Wells Fargo & Company by 6.8% during the second quarter. Premier Path Wealth Partners LLC now owns 24,959 shares of the financial services provider’s stock valued at $2,000,000 after buying an additional 1,593 shares during the period. Buck Wealth Strategies LLC lifted its stake in shares of Wells Fargo & Company by 21.4% during the second quarter. Buck Wealth Strategies LLC now owns 3,970 shares of the financial services provider’s stock valued at $318,000 after buying an additional 701 shares during the period. Arkadios Wealth Advisors lifted its stake in shares of Wells Fargo & Company by 6.8% during the second quarter. Arkadios Wealth Advisors now owns 26,399 shares of the financial services provider’s stock valued at $2,115,000 after buying an additional 1,676 shares during the period. World Investment Advisors lifted its stake in shares of Wells Fargo & Company by 4.8% during the second quarter. World Investment Advisors now owns 91,807 shares of the financial services provider’s stock valued at $7,356,000 after buying an additional 4,167 shares during the period. Finally, Flagship Harbor Advisors LLC lifted its stake in shares of Wells Fargo & Company by 4.9% during the second quarter. Flagship Harbor Advisors LLC now owns 3,572 shares of the financial services provider’s stock valued at $286,000 after buying an additional 166 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Phillip Securities downgraded shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Barclays upped their price objective on shares of Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Cfra Research raised shares of Wells Fargo & Company to a “moderate buy” rating in a research note on Wednesday, October 15th. Bank of America increased their price target on shares of Wells Fargo & Company from $92.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Finally, TD Cowen increased their price target on shares of Wells Fargo & Company from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Wednesday, October 15th. Eleven analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.57.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $86.02 on Thursday. Wells Fargo & Company has a 52-week low of $58.42 and a 52-week high of $87.47. The firm has a fifty day moving average of $82.42 and a 200-day moving average of $78.27. The firm has a market capitalization of $275.56 billion, a P/E ratio of 14.15, a PEG ratio of 1.19 and a beta of 1.25. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.11. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The company had revenue of $21.44 billion during the quarter, compared to analyst estimates of $21.11 billion. During the same quarter in the prior year, the business earned $1.42 earnings per share. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. As a group, analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Friday, November 7th will be given a $0.45 dividend. The ex-dividend date of this dividend is Friday, November 7th. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. Wells Fargo & Company’s dividend payout ratio is presently 29.61%.

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.