SteelPeak Wealth LLC Has $3.22 Million Stock Position in Wells Fargo & Company $WFC

Key Points

• SteelPeak Wealth LLC significantly increased its stake in Wells Fargo & Company by 333.6% during Q2, holding 40,171 shares valued at $3.22 million.
• Institutional investors own 75.90% of Wells Fargo's stock, indicating strong institutional support and investment interest.
• Wells Fargo recently increased its quarterly dividend from $0.40 to $0.45 per share, reflecting a positive outlook with a 2.2% dividend yield.

SteelPeak Wealth LLC boosted its position in Wells Fargo & Company (NYSE:WFC) by 333.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 40,171 shares of the financial services provider's stock after buying an additional 30,906 shares during the quarter. SteelPeak Wealth LLC's holdings in Wells Fargo & Company were worth $3,219,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in Wells Fargo & Company by 2,735,254.3% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider's stock valued at $76,095,550,000 after acquiring an additional 949,735,001 shares during the period. Dimensional Fund Advisors LP boosted its stake in Wells Fargo & Company by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 20,497,429 shares of the financial services provider's stock valued at $1,471,259,000 after purchasing an additional 128,207 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Wells Fargo & Company by 277.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock valued at $771,092,000 after buying an additional 7,894,919 shares during the last quarter. Boston Partners increased its position in Wells Fargo & Company by 6.2% in the 1st quarter. Boston Partners now owns 8,953,009 shares of the financial services provider's stock worth $640,616,000 after buying an additional 523,107 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Wells Fargo & Company by 10.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,009,440 shares of the financial services provider's stock worth $431,418,000 after buying an additional 544,473 shares during the period. Institutional investors own 75.90% of the company's stock.

Analyst Ratings Changes

WFC has been the subject of several research reports. Citigroup increased their price objective on Wells Fargo & Company from $85.00 to $90.00 and gave the company a "neutral" rating in a research report on Tuesday, September 23rd. Weiss Ratings reissued a "hold (c)" rating on shares of Wells Fargo & Company in a report on Saturday, September 27th. Wall Street Zen upgraded shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Saturday. Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Finally, The Goldman Sachs Group decreased 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. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and an average target price of $83.74.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock opened at $80.63 on Tuesday. The firm has a market cap of $258.29 billion, a P/E ratio of 13.81, a price-to-earnings-growth ratio of 1.24 and a beta of 1.25. The firm's 50-day simple moving average is $80.72 and its 200-day simple moving average is $76.39. Wells Fargo & Company has a twelve month low of $56.80 and a twelve month high of $86.65. 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 posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.13. The firm had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.33 earnings per share. As a group, research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced 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. The ex-dividend date was Friday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. Wells Fargo & Company's dividend payout ratio is 30.82%.

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.

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