Tudor Financial Inc. Raises Stock Position in Wells Fargo & Company $WFC

Tudor Financial Inc. lifted its position in shares of Wells Fargo & Company (NYSE:WFC) by 304.0% during the 2nd quarter, Holdings Channel.com reports. The fund owned 11,902 shares of the financial services provider’s stock after buying an additional 8,956 shares during the period. Tudor Financial Inc.’s holdings in Wells Fargo & Company were worth $984,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in Wells Fargo & Company during the fourth quarter worth $4,512,563,000. Capital Research Global Investors boosted its position in shares of Wells Fargo & Company by 4.9% in the 4th quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider’s stock worth $3,487,687,000 after buying an additional 1,760,484 shares in the last quarter. Legal & General Group Plc grew its stake in Wells Fargo & Company by 0.9% in the 4th quarter. Legal & General Group Plc now owns 21,197,423 shares of the financial services provider’s stock valued at $1,975,600,000 after acquiring an additional 188,186 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Wells Fargo & Company by 13.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider’s stock valued at $1,922,257,000 after acquiring an additional 2,369,260 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Wells Fargo & Company during the 2nd quarter valued at about $1,364,923,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on WFC. Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Truist Financial raised their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Bank of America lifted their price objective on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Robert W. Baird increased their target price on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, Wells Fargo & Company currently has an average rating of “Moderate Buy” and a consensus price target of $98.61.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $89.15 on Friday. 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 firm has a market cap of $269.59 billion, a PE ratio of 12.96, a P/E/G ratio of 0.97 and a beta of 0.92. The firm has a 50 day simple moving average of $86.56 and a 200-day simple moving average of $82.61. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $21.86 billion. During the same period in the prior year, the firm posted $1.60 earnings per share. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities analysts expect that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 7th were given a $0.50 dividend. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, August 7th. Wells Fargo & Company’s dividend payout ratio is 29.07%.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.