HBK Sorce Advisory LLC Makes New $2.13 Million Investment in Wells Fargo & Company $WFC

HBK Sorce Advisory LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, Holdings Channel.com reports. The firm purchased 23,925 shares of the financial services provider’s stock, valued at approximately $2,133,000.

Several other institutional investors have also made changes to their positions in WFC. Bryn Mawr Trust Advisors LLC bought a new position in shares of Wells Fargo & Company during the second quarter valued at $658,000. Swiss Life Asset Management Ltd grew its holdings in shares of Wells Fargo & Company by 4.2% in the 4th quarter. Swiss Life Asset Management Ltd now owns 350,567 shares of the financial services provider’s stock worth $32,673,000 after purchasing an additional 14,168 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Wells Fargo & Company by 4.4% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 412,511 shares of the financial services provider’s stock worth $38,446,000 after purchasing an additional 17,302 shares during the last quarter. Norges Bank acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth about $4,512,563,000. Finally, Winning Points Advisors LLC acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth about $3,384,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, May 7th. UBS Group dropped their price objective on shares of Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating for the company in a report on Tuesday, July 7th. JPMorgan Chase & Co. lifted their target price on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. Bank of America boosted their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $98.61.

Wells Fargo & Company Stock Up 0.2%

NYSE:WFC opened at $83.83 on Friday. The company has a market cap of $253.50 billion, a price-to-earnings ratio of 12.18, a P/E/G ratio of 0.91 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s fifty day moving average price is $86.08 and its two-hundred day moving average price is $82.97. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.23. The business had revenue of $22.62 billion for the quarter, compared to analysts’ expectations of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.60 earnings per share. On average, analysts anticipate that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be issued a $0.50 dividend. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 2.4%. The ex-dividend date is Friday, August 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.07%.

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.