Wellspring Financial Advisors LLC Takes $417,000 Position in Wells Fargo & Company $WFC

Wellspring Financial Advisors LLC purchased a new stake in Wells Fargo & Company (NYSE:WFC) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,200 shares of the financial services provider’s stock, valued at approximately $417,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Arrowstreet Capital Limited Partnership increased its holdings in Wells Fargo & Company by 939.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,920,799 shares of the financial services provider’s stock valued at $153,894,000 after buying an additional 1,736,036 shares during the period. Quantbot Technologies LP bought a new position in shares of Wells Fargo & Company in the second quarter valued at approximately $3,745,000. M&T Bank Corp boosted its stake in Wells Fargo & Company by 2.6% in the second quarter. M&T Bank Corp now owns 363,611 shares of the financial services provider’s stock worth $29,133,000 after purchasing an additional 9,265 shares in the last quarter. Edgestream Partners L.P. bought a new stake in Wells Fargo & Company during the 2nd quarter worth about $7,130,000. Finally, River Road Asset Management LLC bought a new stake in shares of Wells Fargo & Company during the second quarter valued at approximately $7,752,000. 75.90% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

WFC has been the subject of a number of research reports. UBS Group lowered their price objective on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, October 7th. Truist Financial boosted their price objective on Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, October 15th. TD Cowen increased their target price on Wells Fargo & Company from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Wednesday, October 15th. Barclays raised their price target on shares of Wells Fargo & Company from $87.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. Finally, Weiss Ratings upgraded Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, October 8th. Eleven analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, Wells Fargo & Company presently has an average rating of “Moderate Buy” and a consensus price target of $89.57.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $85.31 on Tuesday. Wells Fargo & Company has a 52-week low of $58.42 and a 52-week high of $88.64. The stock has a market cap of $267.80 billion, a PE ratio of 14.03, a P/E/G ratio of 1.18 and a beta of 1.11. The firm has a 50-day moving average of $84.27 and a 200-day moving average of $80.79. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.84 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Tuesday, October 14th. The financial services provider reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.18. The company had revenue of $21.44 billion for the quarter, compared to analyst estimates of $21.11 billion. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.42 earnings per share. On average, sell-side analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 7th were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Friday, November 7th. Wells Fargo & Company’s payout ratio is presently 29.61%.

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.