Summit Financial LLC Acquires 102,036 Shares of Wells Fargo & Company $WFC

Key Points

• Summit Financial LLC sharply increased its Wells Fargo stake by 198.2% in the fourth quarter, buying 102,036 additional shares and bringing its total holding to 153,516 shares worth about $14.3 million.
• Institutional ownership in Wells Fargo remains high, with 75.90% of the stock held by institutions, while several analysts have recently maintained or upgraded their views, giving the stock a Moderate Buy consensus and a $97.53 price target.
• Wells Fargo reported Q1 earnings of $1.60 per share, beating estimates, and recently paid a $0.45 quarterly dividend for a 2.2% annualized yield; however, the stock also faces some regulatory overhang from a reported DOJ subpoena tied to “debanking” claims.

Summit Financial LLC increased its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 198.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 153,516 shares of the financial services provider's stock after purchasing an additional 102,036 shares during the quarter. Summit Financial LLC's holdings in Wells Fargo & Company were worth $14,308,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Private Wealth Group LLC increased its position in shares of Wells Fargo & Company by 2.5% during the fourth quarter. Private Wealth Group LLC now owns 4,514 shares of the financial services provider's stock worth $421,000 after purchasing an additional 108 shares in the last quarter. Nixon Peabody Trust Co. increased its position in shares of Wells Fargo & Company by 3.6% during the fourth quarter. Nixon Peabody Trust Co. now owns 3,351 shares of the financial services provider's stock worth $312,000 after purchasing an additional 115 shares in the last quarter. Simmons Bank increased its position in shares of Wells Fargo & Company by 1.9% during the fourth quarter. Simmons Bank now owns 6,359 shares of the financial services provider's stock worth $593,000 after purchasing an additional 116 shares in the last quarter. Moss Adams Wealth Advisors LLC increased its position in shares of Wells Fargo & Company by 1.0% during the fourth quarter. Moss Adams Wealth Advisors LLC now owns 12,048 shares of the financial services provider's stock worth $1,123,000 after purchasing an additional 117 shares in the last quarter. Finally, Main Street Group LTD increased its position in shares of Wells Fargo & Company by 36.9% during the third quarter. Main Street Group LTD now owns 438 shares of the financial services provider's stock worth $37,000 after purchasing an additional 118 shares in the last quarter. 75.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on WFC shares. Piper Sandler reiterated an "overweight" rating and set a $94.00 target price (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. HSBC upgraded Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $94.00 target price on the stock in a research report on Wednesday, April 1st. KGI Securities cut Wells Fargo & Company to a "hold" rating in a research report on Thursday, April 16th. Weiss Ratings reiterated a "buy (b)" rating on shares of Wells Fargo & Company in a research report on Monday, April 20th. Finally, Truist Financial cut their target price on Wells Fargo & Company from $98.00 to $94.00 and set a "buy" rating on the stock in a research report on Tuesday, March 17th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $97.53.

Trending Headlines about Wells Fargo & Company

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

• Positive Sentiment: Wells Fargo highlighted its balance-sheet strategy and said it expects about $50 billion in net interest income for 2026, supported by loan and deposit trends. That reinforces the bank’s earnings outlook and may be helping sentiment on the stock. Wells Fargo’s Long-Dated Funding And NII Outlook Might Change The Case For Investing In WFC
• Positive Sentiment: Analysts and market commentary continue to point to WFC as an attractive dividend stock, which can support demand for the shares among income-focused investors. Why Wells Fargo (WFC) is a Top Dividend Stock for Your Portfolio
• Positive Sentiment: Wells Fargo announced a $1 million donation to support skilled trades training and workforce development in Pennsylvania, a reputationally positive move that underscores its community investment efforts. Wells Fargo Pledges $1 Million Donation Toward Skilled Trades in Pennsylvania
• Neutral Sentiment: Wells Fargo is also being mentioned in connection with Tilly’s extending a credit agreement with the bank. This is more of a client-services headline than a direct stock-moving catalyst for WFC. Tilly’s Extends Credit Agreement Maturity with Wells Fargo
• Negative Sentiment: Wells Fargo was named in a DOJ subpoena related to Trump-era “debanking” claims, which adds regulatory overhang and could weigh on the stock if the probe broadens or creates legal costs. JPMorgan, BofA, Wells Fargo Subpoenaed By DOJ In Trump's Explosive 'Debanking' Crackdown: Report
• Neutral Sentiment: A video discussing summer food inflation referenced Wells Fargo’s Agri-Food Institute, but it appears more macroeconomic and consumer-focused than directly tied to WFC’s fundamentals. Best ways to barbecue on a budget this summer

Wells Fargo & Company Price Performance

Shares of WFC opened at $83.67 on Friday. Wells Fargo & Company has a fifty-two week low of $71.93 and a fifty-two week high of $97.76. The company has a market capitalization of $256.05 billion, a price-to-earnings ratio of 12.91, a price-to-earnings-growth ratio of 0.97 and a beta of 0.93. The firm has a 50-day simple moving average of $79.56 and a 200-day simple moving average of $84.66. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.90 and a current ratio of 0.90.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.02. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. The business had revenue of $11.62 billion during the quarter, compared to the consensus estimate of $21.85 billion. During the same quarter in the prior year, the firm earned $1.39 earnings per share. The business's quarterly revenue was up 6.4% compared to the same quarter last year. On average, equities research analysts anticipate that Wells Fargo & Company will post 6.84 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were paid a dividend of $0.45 per share. The ex-dividend date was Friday, May 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. Wells Fargo & Company's dividend payout ratio is 27.78%.

About Wells Fargo & Company

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.