Envestnet Portfolio Solutions Inc. Has $5.80 Million Stock Holdings in Wells Fargo & Company $WFC

Envestnet Portfolio Solutions Inc. cut its stake in Wells Fargo & Company (NYSE:WFC) by 8.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,413 shares of the financial services provider's stock after selling 6,345 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Wells Fargo & Company were worth $5,802,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CBIZ Investment Advisory Services LLC raised its holdings in shares of Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock worth $27,000 after buying an additional 322 shares in the last quarter. McElhenny Sheffield Capital Management LLC acquired a new position in shares of Wells Fargo & Company during the 2nd quarter worth $27,000. Motco raised its holdings in shares of Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after buying an additional 326 shares in the last quarter. Accent Capital Management LLC acquired a new position in shares of Wells Fargo & Company during the 1st quarter worth $29,000. Finally, 1248 Management LLC acquired a new position in shares of Wells Fargo & Company during the 1st quarter worth $31,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Phillip Securities cut Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. Weiss Ratings raised Wells Fargo & Company from a "hold (c)" rating to a "buy (b)" rating in a report on Wednesday, October 8th. Raymond James Financial cut Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. Finally, Truist Financial boosted their price objective on Wells Fargo & Company from $86.00 to $88.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Nine research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, Wells Fargo & Company has a consensus rating of "Moderate Buy" and an average target price of $86.77.

Wells Fargo & Company Trading Up 7.1%

Shares of WFC stock opened at $84.51 on Wednesday. The firm has a market capitalization of $270.71 billion, a P/E ratio of 14.47, a P/E/G ratio of 1.27 and a beta of 1.25. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $86.65. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The stock's fifty day simple moving average is $80.79 and its 200 day simple moving average is $76.67.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.66 EPS for the quarter, beating analysts' consensus estimates of $1.55 by $0.11. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The firm had revenue of $21.44 billion for the quarter, compared to analyst estimates of $21.11 billion. During the same quarter in the previous year, the company posted $1.42 EPS. The business's revenue was up 5.3% on a year-over-year basis. As a group, sell-side analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

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