Advisors Capital Management LLC Invests $52.07 Million in Wells Fargo & Company $WFC

Advisors Capital Management LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 630,111 shares of the financial services provider's stock, valued at approximately $52,072,000.

A number of other institutional investors have also modified their holdings of WFC. Bryn Mawr Trust Advisors LLC acquired a new stake in Wells Fargo & Company during the 2nd quarter worth approximately $658,000. Swiss Life Asset Management Ltd lifted its position in Wells Fargo & Company by 4.2% during the fourth quarter. Swiss Life Asset Management Ltd now owns 350,567 shares of the financial services provider's stock valued at $32,673,000 after buying an additional 14,168 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its stake in Wells Fargo & Company by 4.4% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 412,511 shares of the financial services provider's stock worth $38,446,000 after buying an additional 17,302 shares during the period. Norges Bank purchased a new stake in Wells Fargo & Company during the fourth quarter worth approximately $4,512,563,000. Finally, Winning Points Advisors LLC acquired a new stake in shares of Wells Fargo & Company in the fourth quarter worth $3,384,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Analyst Upgrades and Downgrades

WFC has been the topic of several recent research reports. Bank of America boosted their price target 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. UBS Group dropped their price objective on shares of Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating on the stock in a research note on Tuesday, July 7th. Morgan Stanley boosted their target price on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a research report on Monday, June 29th. Raymond James Financial restated a "market perform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Wells Fargo & Company in a report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $98.61.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $84.70 on Tuesday. 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 capitalization of $256.13 billion, a PE ratio of 12.31, a P/E/G ratio of 0.91 and a beta of 0.92. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76. The business's fifty day moving average price is $86.11 and its two-hundred day moving average price is $82.85.

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

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a $0.50 dividend. The ex-dividend date is Friday, August 7th. This is an increase 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 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.

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