144,410 Shares in Wells Fargo & Company $WFC Bought by Ategra Capital Management LLC

Key Points

• Ategra Capital Management acquired 144,410 Wells Fargo shares worth approximately $11.9 million, making WFC its fifth-largest holding and representing 5.4% of its portfolio.
• Wells Fargo reported quarterly earnings of $1.96 per share and revenue of $22.62 billion, exceeding analyst expectations; revenue increased 8.6% year over year.
• The bank raised its quarterly dividend from $0.45 to $0.50 per share, while analysts maintain a “Moderate Buy” consensus with an average price target of $98.61.

Ategra Capital Management LLC purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 144,410 shares of the financial services provider's stock, valued at approximately $11,934,000. Wells Fargo & Company accounts for 5.4% of Ategra Capital Management LLC's holdings, making the stock its 5th biggest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in WFC. Norges Bank acquired a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $4,512,563,000. Capital Research Global Investors raised its holdings in 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 purchasing an additional 1,760,484 shares during the period. Legal & General Group Plc raised its holdings 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 worth $1,975,600,000 after purchasing an additional 188,186 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Wells Fargo & Company by 13.0% during the fourth 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 worth $1,922,257,000 after purchasing an additional 2,369,260 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Wells Fargo & Company during the second quarter worth approximately $1,364,923,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Trading Down 0.3%

WFC stock opened at $85.00 on Friday. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The business's 50-day moving average is $86.19 and its 200 day moving average is $82.68. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. The stock has a market cap of $257.04 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 0.93 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, beating analysts' consensus estimates of $1.73 by $0.23. The business had revenue of $22.62 billion during the quarter, compared to analysts' expectations of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The business's revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.60 earnings per share. On average, sell-side analysts anticipate that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be given a dividend of $0.50 per share. The ex-dividend date is Friday, August 7th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 29.07%.

Key Stories Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo is stepping up efforts to recruit independent financial advisers after a reported $1.5 billion overhaul of its wealth-management business. Expanding the adviser network could increase assets under management, fee revenue and the division’s long-term growth prospects. Wells Fargo Makes New Push to Recruit Wealth Managers
• Positive Sentiment: A comparison with PNC Financial characterized WFC as offering a lower valuation and improving efficiency, supporting the view that the stock may have additional value potential despite PNC’s stronger growth and dividend yield. Wells Fargo vs. PNC Financial: Which Stock Offers Better Upside Now?
• Neutral Sentiment: The bank’s most recent quarterly results provide a supportive backdrop: earnings and revenue exceeded analyst expectations, with revenue rising year over year. However, the stock’s valuation and outlook remain sensitive to interest rates, loan growth and credit costs.
• Negative Sentiment: Wells Fargo is reportedly foreclosing on Workspace Property Trust’s $1.3 billion property portfolio after falling occupancy and asset values increased financial stress. Recovering collateral could limit losses, but the action underscores commercial real-estate exposure and potential pressure on credit quality. Wells Fargo Forecloses On $1.3B Workspace Property Trust Loan

Analyst Ratings Changes

A number of analysts have recently commented on the company. Raymond James Financial restated a "market perform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. Weiss Ratings reiterated a "buy (b)" rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Keefe, Bruyette & Woods decreased their target price on Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating on the stock in a research report on Wednesday, July 15th. JPMorgan Chase & Co. boosted their price target on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the stock a "neutral" rating in a report on Wednesday, July 29th. Finally, Bank of America upped their price objective on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $98.61.

About Wells Fargo & Company

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.

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