Ferguson Wellman Capital Management Inc. Boosts Holdings in Wells Fargo & Company $WFC

Key Points

• Ferguson Wellman Capital Management Inc. increased its holdings in Wells Fargo by 17.1% in Q2, now owning 923,962 shares valued at approximately $74 million.
• Wells Fargo's stock is currently rated as a "Moderate Buy" by analysts, with an average target price of $82.56 and several upgrades from major firms.
• The company recently raised its quarterly dividend to $0.45 per share, resulting in an annualized yield of 2.2%.

Ferguson Wellman Capital Management Inc. increased its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 17.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 923,962 shares of the financial services provider's stock after acquiring an additional 134,921 shares during the quarter. Wells Fargo & Company comprises 1.3% of Ferguson Wellman Capital Management Inc.'s holdings, making the stock its 24th biggest position. Ferguson Wellman Capital Management Inc.'s holdings in Wells Fargo & Company were worth $74,028,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of WFC. Accretive Wealth Partners LLC purchased a new stake in Wells Fargo & Company during the 1st quarter worth approximately $399,000. Banco Bilbao Vizcaya Argentaria S.A. grew its position in Wells Fargo & Company by 10.4% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider's stock worth $54,471,000 after purchasing an additional 71,740 shares during the last quarter. Secured Retirement Advisors LLC purchased a new stake in Wells Fargo & Company during the 1st quarter worth approximately $408,000. RKL Wealth Management LLC grew its position in Wells Fargo & Company by 166.4% during the 1st quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock worth $588,000 after purchasing an additional 5,113 shares during the last quarter. Finally, Allianz SE grew its position in Wells Fargo & Company by 22.6% during the 1st quarter. Allianz SE now owns 212,335 shares of the financial services provider's stock worth $15,244,000 after purchasing an additional 39,150 shares during the last quarter. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Trading Up 1.3%

WFC stock traded up $1.11 during mid-day trading on Friday, hitting $84.61. 36,444,763 shares of the company were exchanged, compared to its average volume of 13,141,861. 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 firm has a market capitalization of $271.04 billion, a P/E ratio of 14.49, a PEG ratio of 1.32 and a beta of 1.25. The business has a fifty day simple moving average of $80.44 and a 200-day simple moving average of $75.38. Wells Fargo & Company has a 12-month low of $53.31 and a 12-month high of $84.93.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.13. The company 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%. Wells Fargo & Company's revenue was up .6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.33 earnings per share. On average, equities research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were paid a $0.45 dividend. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. Wells Fargo & Company's payout ratio is 30.82%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Truist Financial boosted their target price on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. The Goldman Sachs Group dropped their price objective on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Morgan Stanley upped their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a report on Wednesday, June 4th. Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Bank of America upped their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $82.56.

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.