Blume Capital Management Inc. Buys 2,087 Shares of Wells Fargo & Company $WFC

Blume Capital Management Inc. lifted its stake in Wells Fargo & Company (NYSE:WFC) by 1.7% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 127,711 shares of the financial services provider’s stock after purchasing an additional 2,087 shares during the quarter. Wells Fargo & Company comprises 2.1% of Blume Capital Management Inc.’s portfolio, making the stock its 19th biggest holding. Blume Capital Management Inc.’s holdings in Wells Fargo & Company were worth $10,232,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Livforsakringsbolaget Skandia Omsesidigt increased its position in Wells Fargo & Company by 2,735,254.3% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock valued at $76,095,550,000 after acquiring an additional 949,735,001 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Wells Fargo & Company by 277.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock worth $771,092,000 after purchasing an additional 7,894,919 shares during the period. Strs Ohio bought a new position in Wells Fargo & Company during the 1st quarter valued at about $109,643,000. Canada Pension Plan Investment Board raised its position in Wells Fargo & Company by 34.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 5,307,366 shares of the financial services provider’s stock worth $381,016,000 after purchasing an additional 1,365,629 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in Wells Fargo & Company by 30.5% in the first quarter. Principal Financial Group Inc. now owns 4,926,423 shares of the financial services provider’s stock worth $353,668,000 after purchasing an additional 1,152,181 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on WFC shares. Piper Sandler reaffirmed an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Raymond James Financial lowered Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 7th. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Saturday, October 4th. Keefe, Bruyette & Woods upped their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “market perform” rating in a report on Wednesday, October 15th. Finally, Cfra Research upgraded shares of Wells Fargo & Company to a “moderate buy” rating in a report on Wednesday, October 15th. Ten research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $89.57.

Wells Fargo & Company Stock Down 1.5%

NYSE:WFC opened at $84.77 on Wednesday. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $87.47. The company has a 50-day moving average of $81.49 and a 200 day moving average of $77.24. The firm has a market cap of $271.56 billion, a PE ratio of 13.94, a price-to-earnings-growth ratio of 1.19 and a beta of 1.25. 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 Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were paid a dividend of $0.45 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company’s payout ratio is 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.