Ancora Advisors LLC Purchases New Position in Wells Fargo & Company $WFC

Key Points

• Ancora Advisors acquired 13,561 Wells Fargo shares worth approximately $1.12 million in the second quarter, while institutional investors collectively own 75.9% of the stock.
• Wells Fargo exceeded quarterly expectations, reporting $1.96 in earnings per share and $22.62 billion in revenue. The company also raised its quarterly dividend to $0.50, implying a 2.4% annual yield.
• The stock carries a “Moderate Buy” consensus rating with an average analyst price target of $98.61, though commercial real-estate exposure and interest-rate, loan-growth and credit-cost risks remain concerns.

Ancora Advisors LLC acquired 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 and Exchange Commission. The institutional investor acquired 13,561 shares of the financial services provider's stock, valued at approximately $1,121,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Nixon Peabody Trust Co. raised its position in Wells Fargo & Company by 3.6% in the fourth quarter. Nixon Peabody Trust Co. now owns 3,351 shares of the financial services provider's stock valued at $312,000 after purchasing an additional 115 shares during the last quarter. MFA Wealth Services grew its holdings in shares of Wells Fargo & Company by 0.7% during the second quarter. MFA Wealth Services now owns 16,712 shares of the financial services provider's stock worth $1,381,000 after purchasing an additional 115 shares during the last quarter. Simmons Bank increased its stake in shares of Wells Fargo & Company by 1.9% in the fourth quarter. Simmons Bank now owns 6,359 shares of the financial services provider's stock valued at $593,000 after buying an additional 116 shares during the period. Wood Tarver Financial Group LLC increased its stake in shares of Wells Fargo & Company by 1.6% in the fourth quarter. Wood Tarver Financial Group LLC now owns 7,754 shares of the financial services provider's stock valued at $722,000 after buying an additional 120 shares during the period. Finally, Hidden Cove Wealth Management LLC raised its holdings in Wells Fargo & Company by 1.8% in the 2nd quarter. Hidden Cove Wealth Management LLC now owns 6,846 shares of the financial services provider's stock valued at $566,000 after buying an additional 124 shares during the last quarter. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company News Roundup

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

Wells Fargo & Company Trading Down 0.3%

NYSE:WFC opened at $85.00 on Friday. 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 capitalization of $257.04 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 0.93 and a beta of 0.92. The firm has a fifty day simple moving average of $86.19 and a two-hundred day simple moving average of $82.68. Wells Fargo & Company has a 12 month low of $72.78 and a 12 month high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.23. The firm had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The business's revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.60 earnings per share. Analysts expect 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. Shareholders of record on Friday, August 7th will be issued 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 yield of 2.4%. Wells Fargo & Company's dividend payout ratio is currently 29.07%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. UBS Group cut their target price on shares of Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating on the stock in a research report on Tuesday, July 7th. Morgan Stanley raised their price target on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the company an "equal weight" rating in a research note on Monday, June 29th. Robert W. Baird lifted their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "neutral" rating in a report on Wednesday, July 15th. Raymond James Financial reissued a "market perform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Finally, JPMorgan Chase & Co. increased their price objective on Wells Fargo & Company from $93.50 to $95.50 and gave the company a "neutral" rating in a report on Wednesday, July 29th. 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 company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $98.61.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source