Glenview Trust co Grows Stock Holdings in Wells Fargo & Company $WFC

Key Points

• Glenview Trust Co increased its stake in Wells Fargo by 3.5%, owning 335,214 shares valued at approximately $24.1 million after purchasing an additional 11,257 shares in the first quarter.
• Analysts have positive outlooks on Wells Fargo, with price targets raised by several firms, including Morgan Stanley and Bank of America, indicating strong confidence in the stock's performance.
• Wells Fargo declared a dividend increase, now paying $0.45 per share quarterly, reflecting a 2.2% yield and a payout ratio of 30.82%.

Glenview Trust co grew its holdings in Wells Fargo & Company (NYSE:WFC) by 3.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 335,214 shares of the financial services provider's stock after purchasing an additional 11,257 shares during the quarter. Glenview Trust co's holdings in Wells Fargo & Company were worth $24,065,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of WFC. Motco lifted its stake in Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after purchasing an additional 326 shares in the last quarter. Accent Capital Management LLC purchased a new position in Wells Fargo & Company in the 1st quarter worth approximately $29,000. Stone House Investment Management LLC purchased a new position in Wells Fargo & Company in the 1st quarter worth approximately $34,000. Orion Capital Management LLC purchased a new position in Wells Fargo & Company in the 4th quarter worth approximately $35,000. Finally, Greykasell Wealth Strategies Inc. purchased a new position in Wells Fargo & Company in the 1st quarter worth approximately $36,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

WFC has been the subject of a number of recent analyst reports. Morgan Stanley raised their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a report on Wednesday, June 4th. Bank of America raised their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Evercore ISI restated an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Citigroup restated a "neutral" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Raymond James Financial downgraded shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. Ten analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $82.56.

Wells Fargo & Company Stock Up 2.0%

Wells Fargo & Company stock opened at $80.71 on Wednesday. Wells Fargo & Company has a fifty-two week low of $50.22 and a fifty-two week high of $84.83. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The firm has a 50 day moving average price of $80.51 and a 200 day moving average price of $75.05. The company has a market capitalization of $258.55 billion, a PE ratio of 13.82, a price-to-earnings-growth ratio of 1.23 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. During the same quarter last year, the firm earned $1.33 EPS. The firm's revenue for the quarter was up .6% on a year-over-year basis. Research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's payout ratio is presently 30.82%.

About Wells Fargo & Company

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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