Wells Fargo & Company $WFC Shares Bought by RNC Capital Management LLC

Key Points

• RNC Capital Management LLC increased its stake in Wells Fargo by 32.6%, acquiring 14,477 shares and holding a total of 58,953 shares worth $4.23 million.
• Wells Fargo's stock has been rated as a "Moderate Buy" by analysts, with price targets increasing, including an upgrade from Morgan Stanley to $87.00.
• The company also announced a dividend increase from $0.40 to $0.45 per share, representing an annual yield of 2.3%.

RNC Capital Management LLC grew its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 32.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,953 shares of the financial services provider's stock after acquiring an additional 14,477 shares during the quarter. RNC Capital Management LLC's holdings in Wells Fargo & Company were worth $4,232,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Accretive Wealth Partners LLC acquired a new position in Wells Fargo & Company during the 1st quarter valued at approximately $399,000. Banco Bilbao Vizcaya Argentaria S.A. increased its stake in Wells Fargo & Company by 10.4% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider's stock valued at $54,471,000 after purchasing an additional 71,740 shares in the last quarter. Secured Retirement Advisors LLC acquired a new position in Wells Fargo & Company during the 1st quarter valued at approximately $408,000. RKL Wealth Management LLC increased its position in shares of Wells Fargo & Company by 166.4% in the 1st quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock valued at $588,000 after acquiring an additional 5,113 shares during the period. Finally, Allianz SE increased its position in shares of Wells Fargo & Company by 22.6% in the 1st quarter. Allianz SE now owns 212,335 shares of the financial services provider's stock valued at $15,244,000 after acquiring an additional 39,150 shares during the period. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock traded up $1.57 during midday trading on Tuesday, hitting $80.71. 17,134,567 shares of the company were exchanged, compared to its average volume of 12,804,843. The firm 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 has a fifty-two week low of $50.22 and a fifty-two week high of $84.83. The business has a fifty day simple moving average of $80.51 and a two-hundred day simple moving average of $75.05. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion for the quarter, compared to analysts' expectations of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business's revenue was up .6% on a year-over-year basis. During the same quarter last year, the company earned $1.33 EPS. On average, sell-side analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were given a dividend of $0.45 per share. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.2%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's dividend payout ratio (DPR) is 30.82%.

Wall Street Analysts Forecast Growth

WFC has been the topic of several research reports. The Goldman Sachs Group cut their target price on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Dbs Bank raised Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Truist Financial increased their price target on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Citigroup reiterated a "neutral" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Finally, Piper Sandler reiterated an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, Wells Fargo & Company presently has an average rating of "Moderate Buy" and an average target price of $82.56.

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.