Cullinan Associates Inc. Raises Stock Position in Wells Fargo & Company $WFC

Cullinan Associates Inc. increased its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 47.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 73,346 shares of the financial services provider's stock after acquiring an additional 23,680 shares during the quarter. Cullinan Associates Inc.'s holdings in Wells Fargo & Company were worth $5,839,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Godfrey Financial Associates Inc. purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at $25,000. Miller Capital Partners Inc. purchased a new position in Wells Fargo & Company during the 4th quarter worth $25,000. Navalign LLC purchased a new position in Wells Fargo & Company during the 4th quarter worth $26,000. Joseph Group Capital Management acquired a new position in Wells Fargo & Company during the 4th quarter valued at about $28,000. Finally, Core Wealth Advisors LLC acquired a new position in Wells Fargo & Company during the 4th quarter valued at about $29,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

Shares of WFC stock traded up $0.16 during mid-day trading on Friday, reaching $87.07. The stock had a trading volume of 14,053,458 shares, compared to its average volume of 13,508,680. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76. The firm has a market cap of $266.46 billion, a price-to-earnings ratio of 13.44, a PEG ratio of 1.00 and a beta of 0.92. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.12. The business's fifty day moving average is $80.67 and its 200-day moving average is $84.03.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.02. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The firm had revenue of $11.62 billion for the quarter, compared to analyst estimates of $21.85 billion. During the same quarter in the prior year, the firm earned $1.39 earnings per share. Wells Fargo & Company's revenue for the quarter was up 6.4% on a year-over-year basis. On average, research analysts forecast that Wells Fargo & Company will post 6.98 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, May 8th. Wells Fargo & Company's dividend payout ratio (DPR) is 27.78%.

Wall Street Analysts Forecast Growth

WFC has been the subject of several recent analyst reports. Bank of America raised their price target on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Jefferies Financial Group assumed coverage on shares of Wells Fargo & Company in a research report on Thursday, March 26th. They issued a "buy" rating and a $100.00 price objective for the company. Piper Sandler reissued an "overweight" rating and set a $94.00 target price (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. Phillip Securities upgraded shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, May 7th. Finally, KGI Securities cut shares of Wells Fargo & Company to a "hold" rating in a report on Thursday, April 16th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $98.34.

Key Stories Impacting Wells Fargo & Company

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

• Positive Sentiment: Analysts and market commentary remain upbeat on Wells Fargo’s upcoming results, with expectations for higher net interest income and fee income to support earnings. The stock is also benefiting from a “moderate buy” consensus and renewed interest in bank earnings ahead of the reporting season.
• Positive Sentiment: Wells Fargo was cited as a bullish name in sector research, and the broader banking group is seen as positioned for solid Q2 results, which could lift financial stocks if the trend holds.
• Neutral Sentiment: Recent articles focused on Wells Fargo mostly previewed the earnings release rather than delivering new company-specific news, so investors are still waiting for a catalyst from the actual report.
• Neutral Sentiment: Broader market news was mixed but relatively calm, with futures drifting and investors waiting for inflation data and earnings season, which suggests WFC’s move is more tied to positioning than to any fresh negative headline.

About Wells Fargo & Company

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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