Phoenix Financial Ltd. Has $105.12 Million Holdings in Wells Fargo & Company $WFC

Phoenix Financial Ltd. increased its position in shares of Wells Fargo & Company (NYSE:WFC) by 437.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,312,103 shares of the financial services provider’s stock after acquiring an additional 1,068,040 shares during the quarter. Wells Fargo & Company accounts for about 1.4% of Phoenix Financial Ltd.’s holdings, making the stock its 23rd largest position. Phoenix Financial Ltd.’s holdings in Wells Fargo & Company were worth $105,120,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. CBIZ Investment Advisory Services LLC raised its holdings in shares of Wells Fargo & Company by 585.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 322 shares during the period. McElhenny Sheffield Capital Management LLC acquired a new stake in shares of Wells Fargo & Company during the second quarter valued at approximately $27,000. Motco raised its holdings in shares of Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 326 shares during the period. Accent Capital Management LLC acquired a new stake in shares of Wells Fargo & Company during the first quarter valued at approximately $29,000. Finally, 1248 Management LLC acquired a new stake in shares of Wells Fargo & Company during the first quarter valued at approximately $31,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $85.97 on Tuesday. The company’s fifty day moving average is $81.38 and its 200-day moving average is $77.19. Wells Fargo & Company has a 12 month low of $58.42 and a 12 month high of $87.47. The firm has a market cap of $275.39 billion, a price-to-earnings ratio of 14.14, a price-to-earnings-growth ratio of 1.15 and a beta of 1.25. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s payout ratio is currently 29.61%.

Wall Street Analyst Weigh In

Several research firms have weighed in on WFC. Citigroup upped their price objective on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Tuesday, September 23rd. Bank of America upped their price objective on shares of Wells Fargo & Company from $92.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Cowen reiterated a “hold” rating on shares of Wells Fargo & Company in a research note on Wednesday, October 15th. Morgan Stanley upped their price objective on shares of Wells Fargo & Company from $95.00 to $97.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 15th. Finally, The Goldman Sachs Group dropped their price objective on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a research note on Wednesday, July 16th. Ten analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $89.57.

Wells Fargo & Company 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.