Wells Fargo & Company $WFC Shares Bought by Canandaigua National Bank & Trust Co.

Key Points

• Canandaigua National Bank & Trust Co. has increased its stake in Wells Fargo & Company by 123.8%, now owning 18,179 shares valued at approximately $1.46 million.
• The company recently raised its quarterly dividend from $0.40 to $0.45, resulting in an annualized yield of 2.2%.
• Wells Fargo reported earnings of $1.54 EPS for the recent quarter, exceeding estimates, while also increasing its revenue by 0.6% year-over-year.

Canandaigua National Bank & Trust Co. grew its stake in shares of Wells Fargo & Company (NYSE:WFC) by 123.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,179 shares of the financial services provider's stock after purchasing an additional 10,056 shares during the quarter. Canandaigua National Bank & Trust Co.'s holdings in Wells Fargo & Company were worth $1,457,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Apella Capital LLC increased its position in shares of Wells Fargo & Company by 8.8% during the second quarter. Apella Capital LLC now owns 33,736 shares of the financial services provider's stock worth $2,778,000 after acquiring an additional 2,725 shares during the last quarter. Heartwood Wealth Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the second quarter worth about $260,000. Legacy Private Trust Co. increased its position in shares of Wells Fargo & Company by 14.1% during the second quarter. Legacy Private Trust Co. now owns 126,776 shares of the financial services provider's stock worth $10,157,000 after acquiring an additional 15,709 shares during the last quarter. Veery Capital LLC increased its position in shares of Wells Fargo & Company by 10.3% during the second quarter. Veery Capital LLC now owns 3,328 shares of the financial services provider's stock worth $267,000 after acquiring an additional 310 shares during the last quarter. Finally, Capital Asset Advisory Services LLC increased its position in shares of Wells Fargo & Company by 5.6% during the second quarter. Capital Asset Advisory Services LLC now owns 38,413 shares of the financial services provider's stock worth $3,130,000 after acquiring an additional 2,045 shares during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

WFC has been the topic of a number of analyst reports. Citigroup reaffirmed a "neutral" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Bank of America boosted their price objective on Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. The Goldman Sachs Group lowered their price objective on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Finally, Evercore ISI reissued an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $82.56.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $81.47 on Tuesday. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The stock has a 50 day simple moving average of $80.37 and a 200-day simple moving average of $75.16. The company has a market cap of $260.98 billion, a PE ratio of 13.95, a P/E/G ratio of 1.27 and a beta of 1.25. Wells Fargo & Company has a 12-month low of $52.81 and a 12-month high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business's revenue was up .6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.33 earnings per share. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.2%. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's payout ratio is currently 30.82%.

Wells Fargo & Company 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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