Morningstar Investment Management LLC Purchases 1,220 Shares of Wells Fargo & Company $WFC

Morningstar Investment Management LLC lifted its stake in Wells Fargo & Company (NYSE:WFC) by 11.7% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 11,683 shares of the financial services provider’s stock after acquiring an additional 1,220 shares during the period. Morningstar Investment Management LLC’s holdings in Wells Fargo & Company were worth $936,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Accretive Wealth Partners LLC bought a new stake in shares of Wells Fargo & Company in the first quarter valued at about $399,000. Banco Bilbao Vizcaya Argentaria S.A. lifted its stake in shares of Wells Fargo & Company by 10.4% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider’s stock valued at $54,471,000 after buying an additional 71,740 shares during the period. Secured Retirement Advisors LLC bought a new stake in shares of Wells Fargo & Company in the first quarter valued at about $408,000. RKL Wealth Management LLC lifted its stake in shares of Wells Fargo & Company by 166.4% in the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock valued at $588,000 after buying an additional 5,113 shares during the period. Finally, Three Bridge Wealth Advisors LLC bought a new stake in shares of Wells Fargo & Company in the second quarter valued at about $364,000. Institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Cowen reiterated a “hold” rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Dbs Bank raised shares of Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Evercore ISI increased 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. The Goldman Sachs Group dropped 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, Truist Financial increased their price target on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Nine research 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 has a consensus rating of “Moderate Buy” and an average target price of $85.41.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $78.92 on Tuesday. The firm has a market cap of $252.80 billion, a price-to-earnings ratio of 13.51, a PEG ratio of 1.25 and a beta of 1.25. The company has a 50 day moving average of $80.66 and a 200-day moving average of $76.61. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $86.65.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.13. The company had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company’s revenue was up .6% on a year-over-year basis. During the same quarter last year, the business posted $1.33 earnings per share. On average, equities analysts forecast that Wells Fargo & Company will post 5.89 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 Monday, September 1st. Stockholders of record on Friday, August 8th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change 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 dividend payout ratio (DPR) 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.