Bleakley Financial Group LLC Raises Stock Holdings in Wells Fargo & Company $WFC

Key Points

• Bleakley Financial Group LLC increased its stake in Wells Fargo by 8.9%, now holding 82,382 shares worth approximately $6.6 million.
• Wells Fargo recently reported a quarterly EPS of $1.66, exceeding estimates, and announced an increase in its quarterly dividend from $0.40 to $0.45 per share.
• Institutional investors own 75.90% of Wells Fargo's stock, highlighting strong interest from large investors in the financial services provider.

Bleakley Financial Group LLC boosted its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 8.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,382 shares of the financial services provider's stock after purchasing an additional 6,722 shares during the quarter. Bleakley Financial Group LLC's holdings in Wells Fargo & Company were worth $6,600,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. CBIZ Investment Advisory Services LLC boosted its holdings in shares of Wells Fargo & Company by 585.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock valued at $27,000 after buying an additional 322 shares in the last quarter. McElhenny Sheffield Capital Management LLC acquired a new stake in Wells Fargo & Company in the second quarter valued at approximately $27,000. Motco grew its holdings in Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after purchasing an additional 326 shares during the last quarter. Accent Capital Management LLC acquired a new position in shares of Wells Fargo & Company during the first quarter worth $29,000. Finally, 1248 Management LLC purchased a new stake in shares of Wells Fargo & Company during the 1st quarter valued at $31,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Down 1.0%

NYSE:WFC opened at $83.91 on Thursday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84. The company's fifty day moving average price is $81.61 and its 200-day moving average price is $77.29. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $87.47. The firm has a market capitalization of $268.79 billion, a P/E ratio of 13.80, a PEG ratio of 1.16 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.66 EPS for the quarter, beating the consensus estimate of $1.55 by $0.11. The company had revenue of $21.44 billion for the quarter, compared to analyst estimates of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The firm's revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the company earned $1.42 earnings per share. As a group, equities research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were given a dividend of $0.45 per share. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's dividend payout ratio (DPR) is 29.61%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. The Goldman Sachs Group dropped their target price on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. TD Cowen boosted their price target on Wells Fargo & Company from $90.00 to $93.00 and gave the stock a "hold" rating in a research note on Wednesday, October 15th. Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, October 15th. Truist Financial raised their price target on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, October 15th. Finally, Raymond James Financial downgraded Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 7th. Eleven investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $89.57.

Wells Fargo & 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.

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