Pzena Investment Management LLC Has $830.99 Million Stock Holdings in Wells Fargo & Company $WFC

Pzena Investment Management LLC lifted its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 5.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,371,812 shares of the financial services provider's stock after buying an additional 542,493 shares during the period. Wells Fargo & Company comprises approximately 2.7% of Pzena Investment Management LLC's portfolio, making the stock its 14th biggest position. Pzena Investment Management LLC owned about 0.32% of Wells Fargo & Company worth $830,990,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. McElhenny Sheffield Capital Management LLC acquired a new stake in shares of Wells Fargo & Company in the second quarter worth $27,000. CBIZ Investment Advisory Services LLC boosted its position in shares of Wells Fargo & Company by 585.5% in 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 period. Accent Capital Management LLC acquired a new stake in shares of Wells Fargo & Company in the first quarter worth $29,000. Motco raised 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 acquiring an additional 326 shares in the last quarter. Finally, Nova Wealth Management Inc. raised its holdings in shares of Wells Fargo & Company by 112.9% during the second quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider's stock worth $34,000 after acquiring an additional 227 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

NYSE WFC opened at $77.74 on Monday. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $86.65. The stock's 50-day moving average is $80.63 and its two-hundred day moving average is $76.56. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The firm has a market cap of $249.04 billion, a P/E ratio of 13.31, a price-to-earnings-growth ratio of 1.25 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. The company had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business's revenue was up .6% compared to the same quarter last year. During the same period last year, the company earned $1.33 earnings per share. On average, analysts anticipate 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 was Friday, August 8th. This is a boost 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 2.3%. Wells Fargo & Company's dividend payout ratio is presently 30.82%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Truist Financial increased their price objective on Wells Fargo & Company from $86.00 to $88.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. Morgan Stanley lowered Wells Fargo & Company from an "overweight" rating to an "equal weight" rating and increased their price objective for the stock from $87.00 to $90.00 in a report on Monday, September 29th. Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Raymond James Financial lowered Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. Finally, Phillip Securities lowered Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. Nine equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $85.41.

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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