Tocqueville Asset Management L.P. Invests $957,000 in Wells Fargo & Company $WFC

Tocqueville Asset Management L.P. bought a new position in Wells Fargo & Company (NYSE:WFC) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 11,580 shares of the financial services provider’s stock, valued at approximately $957,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Godfrey Financial Associates Inc. bought a new position in shares of Wells Fargo & Company in the fourth quarter worth about $25,000. Miller Capital Partners Inc. purchased a new position in shares of Wells Fargo & Company during the 4th quarter valued at about $25,000. Navalign LLC bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at approximately $26,000. Joseph Group Capital Management bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at approximately $28,000. Finally, Core Wealth Advisors LLC bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at approximately $29,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $83.83 on Monday. The firm 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 firm has a fifty day moving average price of $86.08 and a 200 day moving average price of $82.91. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.23. The company had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. Wells Fargo & Company’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.60 EPS. As a group, sell-side analysts expect that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on WFC shares. Truist Financial raised their target price on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Keefe, Bruyette & Woods dropped their price target on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a research report on Wednesday, July 15th. UBS Group reduced 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 research note on Tuesday, July 7th. JPMorgan Chase & Co. raised their price objective on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $98.61.

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.