American Assets Investment Management LLC Has $75.35 Million Stock Position in Wells Fargo & Company $WFC

American Assets Investment Management LLC grew its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 69.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 940,400 shares of the financial services provider’s stock after acquiring an additional 385,400 shares during the period. Wells Fargo & Company comprises approximately 6.1% of American Assets Investment Management LLC’s holdings, making the stock its largest position. American Assets Investment Management LLC’s holdings in Wells Fargo & Company were worth $75,345,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Cassaday & Co Wealth Management LLC grew its position in shares of Wells Fargo & Company by 6.2% during the 2nd quarter. Cassaday & Co Wealth Management LLC now owns 7,571 shares of the financial services provider’s stock valued at $607,000 after acquiring an additional 439 shares during the period. NewSquare Capital LLC grew its position in shares of Wells Fargo & Company by 35.9% during the 2nd quarter. NewSquare Capital LLC now owns 2,800 shares of the financial services provider’s stock valued at $224,000 after acquiring an additional 739 shares during the period. J. W. Coons Advisors LLC bought a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at $218,000. Elyxium Wealth LLC grew its position in shares of Wells Fargo & Company by 7.6% during the 2nd quarter. Elyxium Wealth LLC now owns 7,698 shares of the financial services provider’s stock valued at $617,000 after acquiring an additional 542 shares during the period. Finally, Magnolia Capital Advisors LLC grew its position in shares of Wells Fargo & Company by 14.6% during the 2nd quarter. Magnolia Capital Advisors LLC now owns 4,089 shares of the financial services provider’s stock valued at $328,000 after acquiring an additional 521 shares during the period. Institutional investors own 75.90% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on WFC. Piper Sandler reissued an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Truist Financial lifted their target price on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Phillip Securities cut shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Wall Street Zen upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Saturday, October 4th. Finally, Dbs Bank upgraded shares of Wells Fargo & Company to a “moderate buy” rating in a research note on Tuesday, October 21st. Eleven analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $89.57.

Wells Fargo & Company Stock Performance

WFC opened at $87.06 on Wednesday. The company has a fifty day moving average of $83.00 and a 200 day moving average of $79.01. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $88.50. The stock has a market capitalization of $278.89 billion, a price-to-earnings ratio of 14.32, a PEG ratio of 1.18 and a beta of 1.22. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.84 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 EPS for the quarter, beating the consensus estimate of $1.55 by $0.11. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The business had revenue of $21.44 billion during the quarter, compared to the consensus estimate of $21.11 billion. During the same quarter in the prior year, the firm earned $1.42 EPS. The business’s revenue was up 5.3% on a year-over-year basis. As a group, sell-side analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 7th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, November 7th. Wells Fargo & Company’s dividend payout ratio is 29.61%.

Wells Fargo & Company 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.