Wells Fargo & Company $WFC Shares Purchased by Engineers Gate Manager LP

Engineers Gate Manager LP grew its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 5,592.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 411,770 shares of the financial services provider's stock after buying an additional 404,536 shares during the period. Engineers Gate Manager LP's holdings in Wells Fargo & Company were worth $34,029,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Bryn Mawr Trust Advisors LLC purchased a new position in shares of Wells Fargo & Company during the 2nd quarter worth about $658,000. Vanguard Personalized Indexing Management LLC boosted its position in shares of Wells Fargo & Company by 4.4% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 412,511 shares of the financial services provider's stock worth $38,446,000 after acquiring an additional 17,302 shares during the last quarter. Norges Bank acquired a new position in Wells Fargo & Company during the fourth quarter worth approximately $4,512,563,000. Winning Points Advisors LLC acquired a new position in Wells Fargo & Company during the fourth quarter worth approximately $3,384,000. Finally, Whalen Wealth Management Inc. acquired a new position in Wells Fargo & Company during the second quarter worth approximately $1,190,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on WFC. Robert W. Baird lifted their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. Raymond James Financial reaffirmed a "market perform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. Wall Street Zen upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Sunday, June 14th. Morgan Stanley boosted their price target on Wells Fargo & Company from $97.00 to $102.00 and gave the company an "equal weight" rating in a research report on Monday, June 29th. Finally, Truist Financial upped their price target on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat, Wells Fargo & Company has an average rating of "Moderate Buy" and an average target price of $98.61.

Key Headlines Impacting Wells Fargo & Company

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

• Positive Sentiment: CEO Charlie Scharf said “now is the time” to pursue deals, signaling that Wells Fargo may be willing to accelerate acquisitions or other strategic transactions. Investors could view this as a constructive sign that management sees attractive opportunities to deploy capital and expand the business. Wells Fargo CEO Charlie Scharf on dealmaking: Now is the time to get it done
• Neutral Sentiment: Wells Fargo CFO Mike Santomassimo is scheduled to present at the Barclays Global Financial Services Conference on September 15. The event could provide updates on loan demand, net interest income, capital allocation and expense management, but no new financial information was disclosed in the announcement. Wells Fargo to Present at the Barclays Global Financial Services Conference
• Negative Sentiment: A market report noted that WFC recently fell more than the broader market, closing at $87.96 in the referenced session. The report did not identify a new company-specific problem, suggesting the weakness was more likely tied to market or financial-sector factors than a change in Wells Fargo’s fundamentals. Wells Fargo Registers a Bigger Fall Than the Market: Important Facts to Note

Wells Fargo & Company Stock Up 2.0%

Shares of Wells Fargo & Company stock opened at $89.74 on Thursday. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76. The stock has a market cap of $271.36 billion, a price-to-earnings ratio of 13.04, a price-to-earnings-growth ratio of 0.96 and a beta of 0.92. 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 company has a fifty day moving average price of $86.99 and a 200 day moving average price of $82.66.

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 EPS for the quarter, beating the consensus estimate of $1.73 by $0.23. The company had revenue of $22.62 billion for the quarter, compared to analyst estimates of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The firm's revenue was up 8.6% compared to the same quarter last year. During the same period last year, the company posted $1.60 earnings per share. Equities research analysts forecast that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 7th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was 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 29.07%.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and wealth management services to consumers, businesses, and institutions. Its offerings include checking and savings accounts, credit cards, mortgages, auto loans, personal lending, commercial financing, and treasury management services.

The company operates through businesses that include consumer and small-business banking, commercial banking, corporate and investment banking, and wealth and investment management.

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