QRG Capital Management Inc. Boosts Stock Holdings in Wells Fargo & Company $WFC

QRG Capital Management Inc. boosted its position in Wells Fargo & Company (NYSE:WFC) by 0.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 819,209 shares of the financial services provider’s stock after purchasing an additional 3,825 shares during the period. Wells Fargo & Company comprises approximately 0.6% of QRG Capital Management Inc.’s portfolio, making the stock its 23rd biggest holding. QRG Capital Management Inc.’s holdings in Wells Fargo & Company were worth $65,635,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Accretive Wealth Partners LLC purchased a new position in Wells Fargo & Company in the first quarter valued at approximately $399,000. Banco Bilbao Vizcaya Argentaria S.A. lifted its stake in Wells Fargo & Company by 10.4% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider’s stock valued at $54,471,000 after purchasing an additional 71,740 shares during the last quarter. Secured Retirement Advisors LLC bought a new stake in Wells Fargo & Company during the 1st quarter valued at $408,000. RKL Wealth Management LLC raised its holdings in Wells Fargo & Company by 166.4% during the 1st quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock valued at $588,000 after acquiring an additional 5,113 shares during the period. Finally, Allianz SE raised its holdings in Wells Fargo & Company by 22.6% during the 1st quarter. Allianz SE now owns 212,335 shares of the financial services provider’s stock valued at $15,244,000 after acquiring an additional 39,150 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on WFC shares. Dbs Bank raised shares of Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a report on Thursday, July 17th. Piper Sandler reissued an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Truist Financial boosted their target price on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Citigroup boosted their target price on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday, September 23rd. Finally, Evercore ISI boosted their target price on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a report on Tuesday. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus target price of $83.74.

Wells Fargo & Company Trading Up 0.2%

Wells Fargo & Company stock opened at $80.63 on Friday. The stock has a market cap of $258.28 billion, a P/E ratio of 13.81, a PEG ratio of 1.24 and a beta of 1.25. Wells Fargo & Company has a fifty-two week low of $55.98 and a fifty-two week high of $86.65. The firm’s fifty day moving average price is $80.77 and its 200-day moving average price is $76.28. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.13. The firm had revenue of $20.82 billion for the quarter, compared to analysts’ expectations of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.33 earnings per share. Equities research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were issued a $0.45 dividend. The ex-dividend date of this dividend was Friday, August 8th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. Wells Fargo & Company’s payout ratio is currently 30.82%.

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.