Hilton Capital Management LLC Takes Position in Wells Fargo & Company $WFC

Hilton Capital Management LLC bought a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 45,635 shares of the financial services provider’s stock, valued at approximately $3,656,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in WFC. IHT Wealth Management LLC boosted its stake in Wells Fargo & Company by 7.8% during the second quarter. IHT Wealth Management LLC now owns 18,766 shares of the financial services provider’s stock worth $1,504,000 after buying an additional 1,365 shares in the last quarter. EP Wealth Advisors LLC lifted its holdings in shares of Wells Fargo & Company by 24.2% during the 2nd quarter. EP Wealth Advisors LLC now owns 298,319 shares of the financial services provider’s stock worth $23,901,000 after acquiring an additional 58,083 shares during the period. Engineers Gate Manager LP boosted its position in shares of Wells Fargo & Company by 371.8% during the 2nd quarter. Engineers Gate Manager LP now owns 96,223 shares of the financial services provider’s stock valued at $7,709,000 after acquiring an additional 75,827 shares in the last quarter. Essential Planning LLC. bought a new stake in Wells Fargo & Company in the second quarter valued at about $208,000. Finally, Benjamin Edwards Inc. raised its position in Wells Fargo & Company by 14.1% in the second quarter. Benjamin Edwards Inc. now owns 42,259 shares of the financial services provider’s stock worth $3,386,000 after purchasing an additional 5,238 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on WFC shares. Cfra Research raised Wells Fargo & Company to a “moderate buy” rating in a report on Wednesday, October 15th. Morgan Stanley boosted their price target on Wells Fargo & Company from $95.00 to $97.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 15th. Truist Financial increased their price objective on Wells Fargo & Company from $88.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Wall Street Zen upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Saturday, October 4th. Finally, Citigroup increased their target price on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. Eleven research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.04.

Wells Fargo & Company Trading Up 0.2%

WFC opened at $92.76 on Friday. The firm has a 50 day simple moving average of $85.51 and a 200 day simple moving average of $81.69. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $93.42. The company has a market cap of $291.18 billion, a price-to-earnings ratio of 15.26, a price-to-earnings-growth ratio of 0.96 and a beta of 1.11. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Tuesday, October 14th. The financial services provider reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate 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%.The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.42 EPS. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 7th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Friday, November 7th. Wells Fargo & Company’s 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.