Wells Fargo & Company $WFC Shares Purchased by Rehmann Capital Advisory Group

Key Points

• Rehmann Capital Advisory Group increased its holdings in Wells Fargo & Company by 10.6% in the second quarter, owning 39,035 shares valued at approximately $3.13 million.
• The company has raised its quarterly dividend from $0.40 to $0.45, providing an annual dividend yield of 2.1%.
• Wells Fargo's stock has received a consensus rating of "Moderate Buy" with an average price target of $89.57 from ten analysts.

Rehmann Capital Advisory Group lifted its position in Wells Fargo & Company (NYSE:WFC) by 10.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,035 shares of the financial services provider's stock after purchasing an additional 3,736 shares during the period. Rehmann Capital Advisory Group's holdings in Wells Fargo & Company were worth $3,128,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. CBIZ Investment Advisory Services LLC raised its position in Wells Fargo & Company by 585.5% during 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 period. McElhenny Sheffield Capital Management LLC purchased a new stake in shares of Wells Fargo & Company during the second quarter worth about $27,000. Motco raised its position in shares of Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after purchasing an additional 326 shares during the last quarter. Accent Capital Management LLC acquired a new position in shares of Wells Fargo & Company during the 1st quarter worth about $29,000. Finally, 1248 Management LLC acquired a new position in shares of Wells Fargo & Company during the 1st quarter worth about $31,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $84.77 on Wednesday. The firm has a 50-day simple moving average of $81.49 and a 200-day simple moving average of $77.24. The stock has a market capitalization of $271.56 billion, a price-to-earnings ratio of 13.94, a price-to-earnings-growth ratio of 1.19 and a beta of 1.25. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a 52 week low of $58.42 and a 52 week high of $87.47.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were issued a $0.45 dividend. This is an increase 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 2.1%. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company's payout ratio is currently 29.61%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Evercore ISI upped their price target on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 30th. Cfra Research upgraded shares of Wells Fargo & Company to a "moderate buy" rating in a research report on Wednesday, October 15th. Phillip Securities downgraded shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, July 17th. The Goldman Sachs Group reduced their price target on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Finally, Weiss Ratings upgraded shares of Wells Fargo & Company from a "hold (c)" rating to a "buy (b)" rating in a research report on Wednesday, October 8th. Ten analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, Wells Fargo & Company has a consensus rating of "Moderate Buy" and an average target price of $89.57.

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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