United Asset Strategies Inc. Raises Holdings in Wells Fargo & Company $WFC

Key Points

• United Asset Strategies increased its Wells Fargo stake by 76.3% in the second quarter, owning 67,860 shares valued at approximately $5.6 million. Institutional investors and hedge funds collectively own 75.9% of WFC.
• Wells Fargo reported quarterly EPS of $1.96, exceeding the $1.73 consensus estimate, while revenue rose 8.6% year over year to $22.62 billion. The company also raised its quarterly dividend to $0.50, equivalent to a 2.2% yield.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $98.61; shares recently traded at $88.96.

United Asset Strategies Inc. raised its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 76.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,860 shares of the financial services provider's stock after purchasing an additional 29,364 shares during the period. United Asset Strategies Inc.'s holdings in Wells Fargo & Company were worth $5,608,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Falcon Wealth Planning purchased a new stake in shares of Wells Fargo & Company during the second quarter worth approximately $212,000. Red Door Wealth Management LLC lifted its stake in Wells Fargo & Company by 2.3% in the second quarter. Red Door Wealth Management LLC now owns 7,257 shares of the financial services provider's stock worth $600,000 after acquiring an additional 163 shares during the last quarter. HCR Wealth Advisors lifted its stake in Wells Fargo & Company by 17.0% in the second quarter. HCR Wealth Advisors now owns 13,772 shares of the financial services provider's stock worth $1,138,000 after acquiring an additional 2,005 shares during the last quarter. SteelPeak Wealth LLC grew its holdings in Wells Fargo & Company by 67.1% during the 2nd quarter. SteelPeak Wealth LLC now owns 85,773 shares of the financial services provider's stock worth $7,088,000 after acquiring an additional 34,445 shares in the last quarter. Finally, Independence Bank of Kentucky grew its holdings in Wells Fargo & Company by 52.8% during the 2nd quarter. Independence Bank of Kentucky now owns 1,259 shares of the financial services provider's stock worth $104,000 after acquiring an additional 435 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Wells Fargo & Company

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

Analyst Upgrades and Downgrades

WFC has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods dropped their price objective on shares of Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating on the stock in a research report on Wednesday, July 15th. Bank of America lifted their price objective on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. increased their target price on Wells Fargo & Company from $93.50 to $95.50 and gave the company a "neutral" rating in a report on Wednesday, July 29th. Truist Financial increased their target price on Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a report on Friday, June 26th. Finally, Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Sunday, June 14th. Two investment 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $98.61.

Wells Fargo & Company Trading Up 1.7%

Shares of Wells Fargo & Company stock opened at $88.96 on Thursday. The company has a fifty day simple moving average of $85.47 and a 200-day simple moving average of $83.05. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. The stock 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 released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.23. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The company had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. During the same quarter in the prior year, the firm posted $1.60 earnings per share. Wells Fargo & Company's revenue for the quarter was up 8.6% on a year-over-year basis. On average, equities analysts forecast that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, August 7th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.45. Wells Fargo & Company's dividend payout ratio (DPR) is presently 29.07%.

Wells Fargo & Company 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source