Engineers Gate Manager LP Grows Holdings in Wells Fargo & Company $WFC

Engineers Gate Manager LP boosted its position in Wells Fargo & Company (NYSE:WFC) by 5,592.1% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 411,770 shares of the financial services provider’s stock after acquiring an additional 404,536 shares during the quarter. Engineers Gate Manager LP’s holdings in Wells Fargo & Company were worth $34,029,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Godfrey Financial Associates Inc. acquired a new stake in shares of Wells Fargo & Company during the fourth quarter valued at about $25,000. Miller Capital Partners Inc. acquired a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $25,000. Navalign LLC acquired a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $26,000. Phillip James Consulting Co. purchased a new stake in Wells Fargo & Company during the 1st quarter worth approximately $28,000. Finally, Core Wealth Advisors LLC purchased a new stake in Wells Fargo & Company during the 4th quarter worth approximately $29,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analysts Set New Price Targets

WFC has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Truist Financial raised their price target on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. UBS Group dropped their price target 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. Keefe, Bruyette & Woods cut their price target on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a report on Wednesday, July 15th. Finally, Morgan Stanley increased their price objective on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $98.61.

Wells Fargo & Company News Summary

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: CEO Charlie Scharf said “now is the time” to pursue deals, signaling that Wells Fargo may be willing to accelerate acquisitions or other strategic transactions. Investors could view this as a constructive sign that management sees attractive opportunities to deploy capital and expand the business. Wells Fargo CEO Charlie Scharf on dealmaking: Now is the time to get it done
• Neutral Sentiment: Wells Fargo CFO Mike Santomassimo is scheduled to present at the Barclays Global Financial Services Conference on September 15. The event could provide updates on loan demand, net interest income, capital allocation and expense management, but no new financial information was disclosed in the announcement. Wells Fargo to Present at the Barclays Global Financial Services Conference
• Negative Sentiment: A market report noted that WFC recently fell more than the broader market, closing at $87.96 in the referenced session. The report did not identify a new company-specific problem, suggesting the weakness was more likely tied to market or financial-sector factors than a change in Wells Fargo’s fundamentals. Wells Fargo Registers a Bigger Fall Than the Market: Important Facts to Note

Wells Fargo & Company Trading Up 2.0%

NYSE:WFC opened at $89.74 on Thursday. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The firm has a market capitalization of $271.36 billion, a P/E ratio of 13.04, a P/E/G ratio of 0.96 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. The business has a 50 day simple moving average of $86.99 and a 200 day simple moving average of $82.66.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.23. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The firm had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. During the same period in the prior year, the business earned $1.60 EPS. The firm’s revenue was up 8.6% on a year-over-year basis. Equities research analysts predict that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.2%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, August 7th. Wells Fargo & Company’s dividend payout ratio is presently 29.07%.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and wealth management services to consumers, businesses, and institutions. Its offerings include checking and savings accounts, credit cards, mortgages, auto loans, personal lending, commercial financing, and treasury management services.

The company operates through businesses that include consumer and small-business banking, commercial banking, corporate and investment banking, and wealth and investment management.