RNC Capital Management LLC Acquires 15,716 Shares of Wells Fargo & Company $WFC

RNC Capital Management LLC increased its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 26.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 74,669 shares of the financial services provider's stock after buying an additional 15,716 shares during the period. RNC Capital Management LLC's holdings in Wells Fargo & Company were worth $5,982,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Wealth Management Partners LLC boosted its holdings in Wells Fargo & Company by 3.5% in the 2nd quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider's stock worth $313,000 after buying an additional 128 shares during the period. Verum Partners LLC boosted its holdings in Wells Fargo & Company by 1.8% in the 2nd quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider's stock valued at $582,000 after purchasing an additional 128 shares during the period. Motive Wealth Advisors boosted its holdings in Wells Fargo & Company by 3.7% in the 2nd quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider's stock valued at $293,000 after purchasing an additional 129 shares during the period. Exencial Wealth Advisors LLC boosted its holdings in Wells Fargo & Company by 0.7% in the 2nd quarter. Exencial Wealth Advisors LLC now owns 18,009 shares of the financial services provider's stock valued at $1,443,000 after purchasing an additional 131 shares during the period. Finally, Vivid Wealth Management LLC boosted its holdings in Wells Fargo & Company by 0.8% in the 2nd quarter. Vivid Wealth Management LLC now owns 17,243 shares of the financial services provider's stock valued at $1,381,000 after purchasing an additional 133 shares during the period. 75.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. TD Cowen raised their price target on shares of Wells Fargo & Company from $90.00 to $93.00 and gave the company a "hold" rating in a report on Wednesday, October 15th. Dbs Bank raised shares of Wells Fargo & Company to a "moderate buy" rating in a report on Tuesday. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. UBS Group cut their price target on shares of Wells Fargo & Company from $95.00 to $93.00 and set a "buy" rating for the company in a report on Tuesday, October 7th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a "market perform" rating in a research report on Wednesday, October 15th. Eleven research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $89.57.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $83.91 on Thursday. The firm's fifty day moving average price is $81.61 and its 200-day moving average price is $77.29. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.84 and a current ratio of 0.84. The stock has a market cap of $268.79 billion, a P/E ratio of 13.80, a price-to-earnings-growth ratio of 1.16 and a beta of 1.25. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $87.47.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.11. The firm had revenue of $21.44 billion for the quarter, compared to analysts' expectations of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The business's quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the company posted $1.42 EPS. On average, equities research analysts expect 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 announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Friday, August 8th. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio is 29.61%.

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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