FARMERS & MERCHANTS TRUST Co OF LONG BEACH Grows Stock Holdings in Wells Fargo & Company $WFC

Key Points

• FARMERS & MERCHANTS TRUST Co OF LONG BEACH increased its stake in Wells Fargo by 229.5% in the second quarter, now owning 16,859 shares valued at $1,351,000.
• Wells Fargo's recent earnings report showed $1.54 earnings per share, exceeding analyst expectations, with a revenue of $20.82 billion.
• The company recently declared a quarterly dividend of $0.45, an increase from the previous quarterly dividend of $0.40, representing a 2.1% dividend yield.

FARMERS & MERCHANTS TRUST Co OF LONG BEACH increased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 229.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,859 shares of the financial services provider's stock after purchasing an additional 11,742 shares during the period. FARMERS & MERCHANTS TRUST Co OF LONG BEACH's holdings in Wells Fargo & Company were worth $1,351,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in shares of Wells Fargo & Company by 2,735,254.3% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider's stock valued at $76,095,550,000 after purchasing an additional 949,735,001 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings 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 valued at $1,471,259,000 after purchasing an additional 128,207 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Wells Fargo & Company by 277.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock valued at $771,092,000 after purchasing an additional 7,894,919 shares during the last quarter. Boston Partners raised its holdings in shares of Wells Fargo & Company by 6.2% during the first quarter. Boston Partners now owns 8,953,009 shares of the financial services provider's stock valued at $640,616,000 after purchasing an additional 523,107 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings 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 valued at $431,418,000 after purchasing an additional 544,473 shares during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

WFC opened at $85.01 on Monday. The firm has a market cap of $272.32 billion, a P/E ratio of 14.56, a PEG ratio of 1.31 and a beta of 1.25. Wells Fargo & Company has a 1-year low of $54.40 and a 1-year high of $86.65. The company has a 50 day simple moving average of $80.84 and a two-hundred day simple moving average of $75.97. 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 (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company's revenue was up .6% on a year-over-year basis. During the same period in the prior year, the business posted $1.33 earnings per share. Equities analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company 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. The ex-dividend date was Friday, August 8th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. Wells Fargo & Company's dividend payout ratio (DPR) is currently 30.82%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on WFC. The Goldman Sachs Group cut 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 research report on Wednesday, July 16th. Citigroup boosted their target price on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a "neutral" rating in a research report on Tuesday, September 23rd. Cowen restated a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Evercore ISI restated an "outperform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Finally, Truist Financial boosted their target price on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Ten analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $82.97.

Wells Fargo & Company 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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