Northeast Investment Management Has $955,000 Position in Wells Fargo & Company $WFC

Key Points

• Northeast Investment Management increased its position in Wells Fargo & Company by 41.6% in Q2, bringing its stake to $955,000 with a total of 11,918 shares owned.
• Wells Fargo recently announced a quarterly dividend increase from $0.40 to $0.45, resulting in an annualized dividend of $1.80 and a yield of 2.2%.
• Analysts have raised price targets for Wells Fargo shares, with several firms setting targets between $90.00 and $100.00, maintaining an overall positive outlook on the stock.

Northeast Investment Management increased its stake in Wells Fargo & Company (NYSE:WFC) by 41.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 11,918 shares of the financial services provider's stock after purchasing an additional 3,500 shares during the quarter. Northeast Investment Management's holdings in Wells Fargo & Company were worth $955,000 at the end of the most recent reporting period.

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

Wells Fargo & Company Stock Down 0.9%

WFC opened at $83.25 on Friday. The firm's 50-day simple moving average is $81.21 and its 200-day simple moving average is $76.93. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.83 and a current ratio of 0.84. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $87.47. The firm has a market cap of $266.70 billion, a price-to-earnings ratio of 13.69, a PEG ratio of 1.15 and a beta of 1.25.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. 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. Wells Fargo & Company's payout ratio is currently 29.61%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on WFC. Truist Financial upped their price target on Wells Fargo & Company from $88.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday. Citigroup boosted their price target on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a "neutral" rating in a report on Tuesday, September 23rd. Bank of America boosted their price target on shares of Wells Fargo & Company from $92.00 to $100.00 and gave the company a "buy" rating in a report on Wednesday. Evercore ISI boosted their price target on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an "outperform" rating in a report on Tuesday, September 30th. Finally, Wall Street Zen raised shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Saturday, October 4th. Ten analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $89.57.

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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