Canandaigua National Bank & Trust Co. Acquires New Holdings in Wells Fargo & Company $WFC

Key Points

• Canandaigua National Bank & Trust Co. acquired 20,730 Wells Fargo shares worth approximately $1.7 million during the second quarter. Institutional investors collectively own 75.9% of the company.
• Wells Fargo exceeded quarterly expectations, reporting $1.96 in earnings per share and $22.62 billion in revenue, with revenue up 8.6% year over year.
• The bank increased its quarterly dividend from $0.45 to $0.50 per share, equivalent to a $2.00 annualized payout and a 2.2% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $98.61.

Canandaigua National Bank & Trust Co. acquired a new position in Wells Fargo & Company (NYSE:WFC - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 20,730 shares of the financial services provider's stock, valued at approximately $1,713,000.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Wells Fargo & Company during the fourth quarter valued at approximately $4,512,563,000. Capital Research Global Investors raised its position in shares of Wells Fargo & Company by 4.9% during the 4th quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider's stock valued at $3,487,687,000 after buying an additional 1,760,484 shares in the last quarter. Legal & General Group Plc raised its position in shares of Wells Fargo & Company by 0.9% during the 4th quarter. Legal & General Group Plc now owns 21,197,423 shares of the financial services provider's stock valued at $1,975,600,000 after buying an additional 188,186 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Wells Fargo & Company by 13.0% during the 4th 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 acquiring an additional 2,369,260 shares during the last quarter. Finally, Amundi lifted its holdings in shares of Wells Fargo & Company by 73.0% during the 1st quarter. Amundi now owns 16,463,550 shares of the financial services provider's stock worth $1,310,663,000 after acquiring an additional 6,944,316 shares during the last quarter. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Up 0.9%

Shares of Wells Fargo & Company stock opened at $89.16 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The company has a market cap of $269.62 billion, a P/E ratio of 12.96, a PEG ratio of 0.96 and a beta of 0.92. The company's fifty day simple moving average is $84.48 and its two-hundred day simple moving average is $83.04.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released 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. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The company had revenue of $22.62 billion for the quarter, compared to analyst estimates of $21.86 billion. During the same period in the previous year, the company posted $1.60 earnings per share. The firm's revenue was up 8.6% on a year-over-year basis. Research analysts anticipate 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. Investors of record on Friday, August 7th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.2%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 7th. Wells Fargo & Company's payout ratio is 26.16%.

More Wells Fargo & Company News

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

• Positive Sentiment: Tokenized deposits could create new fee and payments revenue. Wells Fargo plans to launch blockchain-based tokenized deposits for corporate and commercial clients this fall. The service is expected to support faster, programmable transfers and settlement, while helping the bank respond to competition from stablecoins and other digital-payment providers. Wells Fargo is also expanding beyond traditional crypto custody into broader blockchain-based financial services. Wells Fargo Plans to Launch Tokenized Deposits This Fall
• Positive Sentiment: Some valuation analysis indicates additional upside. A review using an Excess Returns model estimates that WFC may be approximately 25% undervalued. The planned tokenized-deposit offering could support expectations for future fee income, though investors may question how much of the opportunity is already reflected after the stock’s 112.5% three-year gain. Wells Fargo Stock May Be 25% Undervalued on Tokenized Deposits Launch
• Neutral Sentiment: AI has both efficiency benefits and execution risks. CEO Charlie Scharf said artificial intelligence could eliminate tens of thousands of bank jobs, potentially reducing costs and improving productivity. However, the timing of those savings is uncertain, and large-scale workforce reductions could create operational, employee-relations, or reputational risks. Scharf also characterized the American consumer as resilient, which supports the bank’s broader revenue outlook. Wells Fargo CEO Discusses AI and Jobs

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their price objective on Wells Fargo & Company from $93.50 to $95.50 and gave the stock a "neutral" rating in a report on Wednesday, July 29th. Truist Financial boosted their target price on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a "buy" rating in a research report on Friday, June 26th. Piper Sandler reaffirmed an "overweight" rating and issued a $94.00 target price (down from $100.00) on shares of Wells Fargo & Company in a research note on Wednesday, April 15th. KGI Securities cut shares of Wells Fargo & Company to a "hold" rating in a research report on Thursday, April 16th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, Wells Fargo & Company presently has an average rating of "Moderate Buy" and a consensus target price 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.

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