BlueCrest Capital Management Ltd Has $2.38 Million Position in Wells Fargo & Company $WFC

BlueCrest Capital Management Ltd reduced its position in Wells Fargo & Company (NYSE:WFC) by 92.5% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 28,835 shares of the financial services provider’s stock after selling 353,261 shares during the period. BlueCrest Capital Management Ltd’s holdings in Wells Fargo & Company were worth $2,383,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of WFC. WINTON GROUP Ltd bought a new stake in shares of Wells Fargo & Company during the second quarter worth approximately $16,259,000. Engineers Gate Manager LP lifted its stake in shares of Wells Fargo & Company by 5,592.1% in the 2nd quarter. Engineers Gate Manager LP now owns 411,770 shares of the financial services provider’s stock valued at $34,029,000 after purchasing an additional 404,536 shares during the period. Cidel Asset Management Inc. lifted its stake in shares of Wells Fargo & Company by 6.9% in the 2nd quarter. Cidel Asset Management Inc. now owns 41,427 shares of the financial services provider’s stock valued at $3,424,000 after purchasing an additional 2,659 shares during the period. Community Bank N.A. boosted its position in shares of Wells Fargo & Company by 32.1% in the 2nd quarter. Community Bank N.A. now owns 2,704 shares of the financial services provider’s stock worth $223,000 after purchasing an additional 657 shares during the last quarter. Finally, RFG Advisory LLC grew its stake in shares of Wells Fargo & Company by 4.4% during the second quarter. RFG Advisory LLC now owns 41,719 shares of the financial services provider’s stock worth $3,448,000 after purchasing an additional 1,770 shares during the period. Institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on WFC shares. Truist Financial increased their target price on Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, June 26th. Bank of America boosted their price objective on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Sunday, June 14th. Finally, JPMorgan Chase & Co. lifted their target price on Wells Fargo & Company from $93.50 to $95.50 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Two equities 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 company’s stock. According to MarketBeat.com, Wells Fargo & Company has an average rating of “Moderate Buy” and an average target price of $98.61.

Key Stories Impacting Wells Fargo & Company

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 Stock Up 2.0%

Shares of Wells Fargo & Company stock opened at $89.74 on Thursday. The business’s 50 day simple moving average is $86.99 and its 200 day simple moving average is $82.66. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76. The firm has a market cap of $271.36 billion, a PE 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 quick ratio of 0.90 and a current ratio of 0.90.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share 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 quarter in the prior year, the firm posted $1.60 EPS. The business’s revenue was up 8.6% on a year-over-year basis. On average, analysts predict that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th were given a dividend of $0.50 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.2%. Wells Fargo & Company’s 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.