DNB Asset Management AS Increases Stake in Wells Fargo & Company $WFC

DNB Asset Management AS lifted its position in Wells Fargo & Company (NYSE:WFC) by 4.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 609,947 shares of the financial services provider’s stock after acquiring an additional 24,220 shares during the quarter. DNB Asset Management AS’s holdings in Wells Fargo & Company were worth $48,869,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in WFC. Access Investment Management LLC purchased a new position in shares of Wells Fargo & Company during the second quarter valued at approximately $25,000. CBIZ Investment Advisory Services LLC boosted its holdings in Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 322 shares during the period. McElhenny Sheffield Capital Management LLC purchased a new position in Wells Fargo & Company during the 2nd quarter valued at $27,000. Motco grew its position in Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 326 shares during the last quarter. Finally, Accent Capital Management LLC purchased a new stake in Wells Fargo & Company in the first quarter worth $29,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

NYSE WFC opened at $82.47 on Friday. The company has a market cap of $258.88 billion, a PE ratio of 13.56, a P/E/G ratio of 1.18 and a beta of 1.22. The firm’s 50 day moving average price is $83.96 and its 200-day moving average price is $80.18. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.84 and a current ratio of 0.84. Wells Fargo & Company has a 52-week low of $58.42 and a 52-week high of $88.64.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Tuesday, October 14th. The financial services provider reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.18. The company had revenue of $21.44 billion during the quarter, compared to analyst estimates of $21.11 billion. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.Wells Fargo & Company’s revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.42 earnings per share. Sell-side analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 7th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, November 7th. Wells Fargo & Company’s dividend payout ratio is 29.61%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on WFC. TD Cowen boosted their target price on shares of Wells Fargo & Company from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Wednesday, October 15th. Dbs Bank upgraded shares of Wells Fargo & Company to a “moderate buy” rating in a research note on Tuesday, October 21st. Barclays lifted their price target 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. Cowen reiterated a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, October 15th. Finally, Truist Financial raised their price objective on Wells Fargo & Company from $88.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Eleven research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and an average price target of $89.57.

About Wells Fargo & Company

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.