L2 Asset Management LLC Acquires New Position in Wells Fargo & Company $WFC

Key Points

• L2 Asset Management acquired 17,456 Wells Fargo shares worth approximately $1.44 million in the second quarter, while institutional investors collectively own 75.9% of the stock.
• Analysts maintain a generally positive outlook, with Wells Fargo receiving a “Moderate Buy” consensus rating and an average price target of $98.61.
• Wells Fargo exceeded quarterly earnings and revenue expectations, reporting $1.96 in EPS and $22.62 billion in revenue, and raised its quarterly dividend from $0.45 to $0.50 per share.

L2 Asset Management LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 17,456 shares of the financial services provider's stock, valued at approximately $1,443,000.

Other hedge funds also recently added to or reduced their stakes in the company. Godfrey Financial Associates Inc. purchased a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $25,000. Miller Capital Partners Inc. purchased a new position in Wells Fargo & Company in the 4th quarter valued at approximately $25,000. Navalign LLC purchased a new position in Wells Fargo & Company in the 4th quarter valued at approximately $26,000. Joseph Group Capital Management purchased a new position in Wells Fargo & Company in the 4th quarter valued at approximately $28,000. Finally, Phillip James Consulting Co. acquired a new position in Wells Fargo & Company during the first quarter worth $28,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on WFC. Bank of America upped their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. JPMorgan Chase & Co. lifted their price target on Wells Fargo & Company from $93.50 to $95.50 and gave the stock a "neutral" rating in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods decreased their price objective on shares of Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating on the stock in a research report on Wednesday, July 15th. Truist Financial increased their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, June 26th. Finally, UBS Group dropped their target price on shares of Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating for the company in a report on Tuesday, July 7th. 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's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $98.61.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $85.24 on Thursday. The business's fifty day moving average price is $86.13 and its two-hundred day moving average price is $82.75. The stock has a market cap of $257.77 billion, a PE ratio of 12.39, a price-to-earnings-growth ratio of 0.92 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. Wells Fargo & Company has a one year low of $72.78 and a one year high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, topping analysts' consensus estimates of $1.73 by $0.23. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The company had revenue of $22.62 billion during the quarter, compared to analysts' expectations of $21.86 billion. During the same period in the previous year, the firm posted $1.60 earnings per share. The business's revenue for the quarter was up 8.6% compared to the same quarter last year. On average, analysts forecast that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be given a dividend of $0.50 per share. The ex-dividend date is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.3%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. Wells Fargo & Company's dividend payout ratio (DPR) is 29.07%.

Wells Fargo & Company News Roundup

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

• Positive Sentiment: Profitability momentum: Wells Fargo has improved return on tangible common equity (ROTCE) from 8% in late 2020 to 14.6% at the end of 2025 and is targeting 17%–18%. Sustaining those gains could support a higher valuation as regulatory and restructuring burdens ease. Wells Fargo Hits 17%-18% ROTCE Target: Can It Sustain the Momentum?
• Positive Sentiment: Valuation appeal: An analyst comparison characterized WFC as offering a lower valuation and improving efficiency than PNC Financial, potentially giving Wells Fargo more upside if earnings remain strong. The bank’s latest reported quarter also exceeded consensus estimates for both earnings and revenue, with revenue up year over year. Wells Fargo vs. PNC Financial: Which Stock Offers Better Upside Now?
• Neutral Sentiment: Acquisition speculation: Wells Fargo has become a focus of broader banking-sector merger speculation, including possible interest involving Citizens Financial. No transaction has been announced, so the development provides limited immediate fundamental impact. Wells Fargo at center of attention as acquisition speculation rises in banking sector
• Neutral Sentiment: Community investments: New affordable-housing and financial-education commitments in North Dakota and Wyoming reinforce Wells Fargo’s community-banking initiatives but are unlikely to materially affect near-term earnings. Wells Fargo Expands Affordable Senior Housing and Financial Education With $1.2 Million in North Dakota
• Negative Sentiment: Commercial real estate exposure: Wells Fargo is foreclosing on Workspace Property Trust’s roughly $1.3 billion property portfolio after declining occupancy and asset values increased financial stress. The move may enable collateral recovery, but it also underscores potential losses and credit risks in the bank’s commercial real estate book. Wells Fargo Forecloses On $1.3B Workspace Property Trust Loan

Wells Fargo & Company Company Profile

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.

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source