Board of the Pension Protection Fund Invests $40,000 in Wells Fargo & Company $WFC

Board of the Pension Protection Fund acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 500 shares of the financial services provider’s stock, valued at approximately $40,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. McElhenny Sheffield Capital Management LLC acquired a new position in Wells Fargo & Company during the second quarter worth $27,000. CBIZ Investment Advisory Services LLC boosted its position in shares of Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 322 shares during the last quarter. Accent Capital Management LLC acquired a new position in shares of Wells Fargo & Company during the 1st quarter valued at about $29,000. Motco boosted 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 valued at $29,000 after acquiring an additional 326 shares during the last quarter. Finally, Nova Wealth Management Inc. boosted its holdings in Wells Fargo & Company by 112.9% in the 2nd quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 227 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on WFC shares. Evercore ISI boosted their target price on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Saturday, October 4th. Cowen reaffirmed a “hold” rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. UBS Group decreased their price target on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday, October 7th. Finally, Truist Financial upped their target price on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Nine investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $85.41.

Wells Fargo & Company Price Performance

WFC opened at $77.74 on Friday. The stock’s 50-day moving average price is $80.63 and its 200 day moving average price is $76.53. Wells Fargo & Company has a 12-month low of $58.42 and a 12-month high of $86.65. 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 firm has a market cap of $249.04 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 1.25 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results 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 firm had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.Wells Fargo & Company’s revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.33 EPS. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were paid a $0.45 dividend. The ex-dividend date was Friday, August 8th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 2.3%. Wells Fargo & Company’s payout ratio is 30.82%.

About Wells Fargo & Company

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.