Wells Fargo & Company $WFC Shares Bought by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada increased its Wells Fargo stake by 8.7% in the second quarter, bringing its holdings to 209,307 shares valued at approximately $18 million. Institutional investors collectively own 75.9% of WFC’s outstanding stock.
• Wells Fargo reported quarterly earnings of $1.96 per share, exceeding estimates of $1.73, while revenue rose 8.6% year over year to $22.62 billion.
• The bank raised its quarterly dividend from $0.45 to $0.50 per share, equivalent to an annualized $2.00 dividend and a 2.2% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $98.61.

TD Waterhouse Canada Inc. lifted its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 8.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 209,307 shares of the financial services provider's stock after acquiring an additional 16,673 shares during the quarter. TD Waterhouse Canada Inc.'s holdings in Wells Fargo & Company were worth $17,997,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Premier Path Wealth Partners LLC boosted its position in Wells Fargo & Company by 2.6% during the second quarter. Premier Path Wealth Partners LLC now owns 28,987 shares of the financial services provider's stock worth $2,396,000 after purchasing an additional 744 shares in the last quarter. United Community Bank raised its stake in shares of Wells Fargo & Company by 12.1% during the 2nd quarter. United Community Bank now owns 1,998 shares of the financial services provider's stock worth $165,000 after buying an additional 215 shares during the last quarter. Concurrent Investment Advisors LLC boosted its position in shares of Wells Fargo & Company by 56.9% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 109,486 shares of the financial services provider's stock worth $9,048,000 after buying an additional 39,690 shares in the last quarter. NEOS Investment Management LLC boosted its position in shares of Wells Fargo & Company by 10.9% in the 2nd quarter. NEOS Investment Management LLC now owns 507,034 shares of the financial services provider's stock worth $41,901,000 after buying an additional 50,003 shares in the last quarter. Finally, AXQ Capital LP grew its stake in Wells Fargo & Company by 123.0% in the 2nd quarter. AXQ Capital LP now owns 45,200 shares of the financial services provider's stock valued at $3,735,000 after acquiring an additional 24,928 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Trading Up 0.8%

Shares of WFC opened at $89.90 on Friday. The stock has a market cap of $271.86 billion, a PE ratio of 13.07, a P/E/G ratio of 0.97 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. Wells Fargo & Company has a 12 month low of $72.78 and a 12 month high of $97.76. The stock's 50-day moving average is $86.69 and its two-hundred day moving average is $82.66.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, topping analysts' consensus estimates of $1.73 by $0.23. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The firm had revenue of $22.62 billion during the quarter, compared to analysts' expectations of $21.86 billion. During the same quarter in the prior year, the business earned $1.60 EPS. Wells Fargo & Company's quarterly revenue was up 8.6% compared to the same quarter last year. Equities analysts forecast that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th were issued a $0.50 dividend. The ex-dividend date was Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.2%. 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%.

Analysts Set New Price Targets

WFC has been the subject of a number of research reports. Morgan Stanley lifted their target price on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a research report on Monday, June 29th. Robert W. Baird raised their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 15th. Bank of America boosted their target price on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Raymond James Financial reissued a "market perform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Finally, Truist Financial raised their target price on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a "buy" rating in a research report on Friday, June 26th. Two equities research 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 company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $98.61.

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.

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