Chesley Taft & Associates LLC Has $17.71 Million Stock Holdings in Wells Fargo & Company $WFC

Key Points

• Chesley Taft & Associates LLC increased its holdings in Wells Fargo & Company by 5.8% during the second quarter, now owning 221,072 shares valued at approximately $17.71 million.
• The company declared a quarterly dividend of $0.45 per share, which reflects a 2.2% yield with an increase from the previous dividend of $0.40.
• Wells Fargo reported an earnings per share (EPS) of $1.54 for the last quarter, exceeding analysts' expectations and marking a year-over-year revenue growth of 0.6%.

Chesley Taft & Associates LLC increased its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 5.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 221,072 shares of the financial services provider's stock after purchasing an additional 12,160 shares during the quarter. Chesley Taft & Associates LLC's holdings in Wells Fargo & Company were worth $17,712,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in Wells Fargo & Company by 2,735,254.3% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider's stock worth $76,095,550,000 after acquiring an additional 949,735,001 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Wells Fargo & Company by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 20,497,429 shares of the financial services provider's stock worth $1,471,259,000 after purchasing an additional 128,207 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Wells Fargo & Company by 277.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock worth $771,092,000 after buying an additional 7,894,919 shares during the period. Boston Partners lifted its position in Wells Fargo & Company by 6.2% in the 1st quarter. Boston Partners now owns 8,953,009 shares of the financial services provider's stock valued at $640,616,000 after acquiring an additional 523,107 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Wells Fargo & Company by 10.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,009,440 shares of the financial services provider's stock worth $431,418,000 after buying an additional 544,473 shares during the period. 75.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. The Goldman Sachs Group reduced their target price on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Wall Street Zen upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Friday, August 22nd. Morgan Stanley raised their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 4th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $82.56.

Wells Fargo & Company Price Performance

Shares of WFC opened at $81.39 on Wednesday. The company has a market capitalization of $260.73 billion, a price-to-earnings ratio of 13.94, a price-to-earnings-growth ratio of 1.27 and a beta of 1.25. The business has a 50-day moving average of $80.36 and a 200-day moving average of $75.20. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. Wells Fargo & Company has a 1 year low of $53.31 and a 1 year high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. During the same quarter in the previous year, the company earned $1.33 EPS. The company's revenue for the quarter was up .6% on a year-over-year basis. As a group, equities research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Friday, August 8th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio (DPR) is 30.82%.

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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