Clear Harbor Asset Management LLC Invests $1.45 Million in Wells Fargo & Company $WFC

Clear Harbor Asset Management LLC purchased a new position in Wells Fargo & Company (NYSE:WFC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 17,554 shares of the financial services provider's stock, valued at approximately $1,451,000.

Several other institutional investors have also recently added to or reduced their stakes in WFC. Bryn Mawr Trust Advisors LLC bought a new stake in Wells Fargo & Company in the second quarter valued at about $658,000. Swiss Life Asset Management Ltd lifted its holdings in Wells Fargo & Company by 4.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 350,567 shares of the financial services provider's stock worth $32,673,000 after buying an additional 14,168 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its position in shares of Wells Fargo & Company by 4.4% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 412,511 shares of the financial services provider's stock worth $38,446,000 after acquiring an additional 17,302 shares in the last quarter. Norges Bank acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $4,512,563,000. Finally, Winning Points Advisors LLC bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at approximately $3,384,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on WFC shares. Robert W. Baird upped their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Truist Financial lifted their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, June 26th. Keefe, Bruyette & Woods lowered their target price on shares of Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating for the company in a research note on Wednesday, July 15th. Raymond James Financial reissued a "market perform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has an average rating of "Moderate Buy" and an average target price of $98.61.

Wells Fargo & Company Stock Up 0.1%

Shares of Wells Fargo & Company stock opened at $84.82 on Wednesday. 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 business's 50 day simple moving average is $86.11 and its 200-day simple moving average is $82.79. The stock has a market capitalization of $256.51 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 0.92 and a beta of 0.92. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.23. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The company had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. During the same quarter in the previous year, the company posted $1.60 earnings per share. The company's revenue for the quarter was up 8.6% compared to the same quarter last year. Equities research analysts forecast that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.4%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.45. Wells Fargo & Company's dividend payout ratio (DPR) is currently 29.07%.

Wells Fargo & 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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