Chartwell Investment Partners LLC lifted its position in Wells Fargo & Co (NYSE:WFC) by 66.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 150,594 shares of the financial services provider’s stock after buying an additional 60,101 shares during the quarter. Chartwell Investment Partners LLC’s holdings in Wells Fargo & Co were worth $3,855,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Your Advocates Ltd. LLP acquired a new stake in shares of Wells Fargo & Co in the first quarter valued at about $26,000. HHM Wealth Advisors LLC acquired a new stake in shares of Wells Fargo & Co in the first quarter worth $27,000. Global Wealth Management Investment Advisory Inc. increased its position in Wells Fargo & Co by 95.0% during the first quarter. Global Wealth Management Investment Advisory Inc. now owns 1,320 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 643 shares during the period. Watson Rebecca bought a new position in Wells Fargo & Co during the second quarter worth $37,000. Finally, Prime Capital Investment Advisors LLC raised its stake in Wells Fargo & Co by 102.9% during the 1st quarter. Prime Capital Investment Advisors LLC now owns 1,522 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 772 shares during the last quarter. 72.93% of the stock is owned by institutional investors and hedge funds.
Shares of WFC opened at $24.26 on Friday. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.86 and a current ratio of 0.88. The company has a market cap of $99.47 billion, a price-to-earnings ratio of 27.89, a PEG ratio of 36.18 and a beta of 1.15. The stock has a fifty day moving average price of $26.02 and a two-hundred day moving average price of $32.85. Wells Fargo & Co has a 52-week low of $22.00 and a 52-week high of $54.75.
Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Tuesday, July 14th. The financial services provider reported ($0.66) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.50). The business had revenue of $17.80 billion during the quarter, compared to analyst estimates of $18.30 billion. Wells Fargo & Co had a net margin of 6.26% and a return on equity of 4.33%. The business’s quarterly revenue was down 17.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.30 earnings per share. As a group, research analysts predict that Wells Fargo & Co will post 0.07 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, August 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.65%. Wells Fargo & Co’s payout ratio is 46.58%.
Several research analysts have recently issued reports on the stock. Robert W. Baird upgraded shares of Wells Fargo & Co from a “neutral” rating to an “outperform” rating and set a $35.00 price objective on the stock in a report on Friday, July 10th. Wolfe Research upgraded Wells Fargo & Co from an “underperform” rating to a “peer perform” rating and set a $28.00 price target on the stock in a research note on Thursday, July 9th. ValuEngine upgraded Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Wednesday, April 15th. Morgan Stanley decreased their price objective on Wells Fargo & Co from $27.00 to $25.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 15th. Finally, Royal Bank of Canada cut their target price on Wells Fargo & Co from $29.00 to $25.00 and set an “underperform” rating for the company in a research note on Wednesday, July 15th. Four investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $33.31.
Wells Fargo & Co Profile
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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