SteelPeak Wealth LLC Buys 34,445 Shares of Wells Fargo & Company $WFC

Key Points

• SteelPeak Wealth increased its Wells Fargo stake by 67.1% in the second quarter, adding 34,445 shares to hold 85,773 shares valued at approximately $7.1 million. Institutional investors collectively own 75.9% of the company.
• Analysts maintain a generally positive outlook, with Wells Fargo carrying a consensus “Moderate Buy” rating and an average price target of $98.61, above its reported opening price of $88.96.
• Wells Fargo exceeded quarterly earnings and revenue estimates, while reporting 8.6% year-over-year revenue growth. The bank also raised its quarterly dividend to $0.50 per share, representing a 2.2% annualized yield.

SteelPeak Wealth LLC increased its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 67.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 85,773 shares of the financial services provider's stock after buying an additional 34,445 shares during the quarter. SteelPeak Wealth LLC's holdings in Wells Fargo & Company were worth $7,088,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Wells Fargo & Company by 19.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 532,300 shares of the financial services provider's stock worth $49,610,000 after acquiring an additional 84,902 shares during the last quarter. Swiss Life Asset Management Ltd lifted its stake in Wells Fargo & Company by 4.2% in the 4th quarter. Swiss Life Asset Management Ltd now owns 350,567 shares of the financial services provider's stock worth $32,673,000 after purchasing an additional 14,168 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Wells Fargo & Company by 4.4% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 412,511 shares of the financial services provider's stock valued at $38,446,000 after purchasing an additional 17,302 shares during the last quarter. Norges Bank purchased a new position in shares of Wells Fargo & Company during the fourth quarter valued at about $4,512,563,000. Finally, Winning Points Advisors LLC purchased a new position in shares of Wells Fargo & Company during the fourth quarter valued at about $3,384,000. Institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on WFC. Truist Financial boosted their target price on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a "buy" rating in a research report on Friday, June 26th. Morgan Stanley lifted their price objective on Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. KGI Securities cut Wells Fargo & Company to a "hold" rating in a report on Thursday, April 16th. Robert W. Baird increased their target price on Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Finally, UBS Group cut 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 analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $98.61.

Key Wells Fargo & Company News

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

• Positive Sentiment: Wells Fargo launched tokenized deposits for corporate and commercial customers, enabling 24/7 blockchain-based settlement while keeping funds within the insured banking system. The service could improve transaction speed, strengthen client relationships and create future payment-related revenue opportunities. Is Wells Fargo’s Tokenized Deposit Push Reshaping Its Post-Cap Investment Story (WFC)?
• Positive Sentiment: The tokenized-deposit initiative was presented as part of a wider effort to pair balance-sheet strength with new digital infrastructure. Investors may view the move as evidence that Wells Fargo is investing more aggressively in growth and modernizing its commercial-banking platform. Wells Fargo (WFC) Bets On Blockchain, But Can The Rally Continue?
• Neutral Sentiment: Wells Fargo issued callable, unsecured senior notes with maturities ranging from 2029 to 2051 and announced perpetual, non-cumulative depositary shares. The transactions can support funding and capital flexibility, but they also add financing obligations and do not immediately establish a material earnings benefit. Is Wells Fargo’s Tokenized Deposit Push Reshaping Its Post-Cap Investment Story (WFC)?
• Neutral Sentiment: Separate Wells Fargo commentary on NVIDIA’s artificial-intelligence infrastructure financing and Microsoft’s position as AI costs decline reflects the bank’s broader technology-sector research, but it does not materially change Wells Fargo’s own earnings outlook. Nvidia Is Going Beyond GPUs in the AI Boom, Wells Fargo Says

Wells Fargo & Company Trading Up 1.7%

Shares of NYSE WFC opened at $88.96 on Thursday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. The business's 50 day moving average price is $85.47 and its 200-day moving average price is $83.05. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76. The company has a market cap of $269.02 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 0.95 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) 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 firm had revenue of $22.62 billion during the quarter, compared to analyst estimates of $21.86 billion. During the same period last year, the company earned $1.60 EPS. Wells Fargo & Company's quarterly revenue was up 8.6% compared to the same quarter last year. On average, sell-side analysts expect that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.2%. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.45. The ex-dividend date is Friday, August 7th. Wells Fargo & Company's dividend payout ratio is 29.07%.

Wells Fargo & 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.

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