Wells Fargo & Company $WFC Position Boosted by First Fiduciary Investment Counsel Inc.

Key Points

• First Fiduciary Investment Counsel Inc. increased its stake in Wells Fargo by 51%, owning 10,070 shares valued at $807,000.
• Wells Fargo's latest quarterly earnings reported an EPS of $1.54, surpassing expectations and year-over-year revenue growth of 0.6%.
• The company recently raised its quarterly dividend to $0.45 per share, reflecting a boost from the previous $0.40, with a current yield of 2.3%.

First Fiduciary Investment Counsel Inc. lifted its stake in shares of Wells Fargo & Company (NYSE:WFC) by 51.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,070 shares of the financial services provider's stock after purchasing an additional 3,400 shares during the period. First Fiduciary Investment Counsel Inc.'s holdings in Wells Fargo & Company were worth $807,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of WFC. CBIZ Investment Advisory Services LLC lifted its holdings in Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock worth $27,000 after acquiring an additional 322 shares during the last quarter. McElhenny Sheffield Capital Management LLC bought a new position in Wells Fargo & Company in the second quarter worth about $27,000. Motco lifted its holdings in Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after acquiring an additional 326 shares during the last quarter. Accent Capital Management LLC bought a new position in Wells Fargo & Company in the first quarter worth about $29,000. Finally, 1248 Management LLC bought a new position in Wells Fargo & Company in the first quarter worth about $31,000. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

NYSE WFC opened at $77.74 on Friday. Wells Fargo & Company has a 12 month low of $58.42 and a 12 month high of $86.65. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The firm has a market capitalization of $249.04 billion, a PE ratio of 13.31, a P/E/G ratio of 1.29 and a beta of 1.25. The company's 50 day simple moving average is $80.63 and its 200 day simple moving average is $76.51.

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

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were paid 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 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's dividend payout ratio (DPR) is 30.82%.

Analyst Ratings Changes

A number of equities analysts have issued reports on WFC shares. Raymond James Financial cut shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Phillip Securities cut shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. Truist Financial raised their target price on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the stock a "buy" rating in a report on Wednesday, September 24th. Finally, UBS Group cut their price target on Wells Fargo & Company from $95.00 to $93.00 and set a "buy" rating on the stock in a report on Tuesday. Nine research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $85.41.

Wells Fargo & Company Profile

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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