Cullinan Associates Inc. Boosts Stock Holdings in Wells Fargo & Company $WFC

Cullinan Associates Inc. boosted its position in shares of Wells Fargo & Company (NYSE:WFC) by 47.7% during the 1st quarter, Holdings Channel reports. The institutional investor owned 73,346 shares of the financial services provider’s stock after acquiring an additional 23,680 shares during the period. Cullinan Associates Inc.’s holdings in Wells Fargo & Company were worth $5,839,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Private Wealth Group LLC grew its holdings in Wells Fargo & Company by 2.5% in the fourth quarter. Private Wealth Group LLC now owns 4,514 shares of the financial services provider’s stock valued at $421,000 after purchasing an additional 108 shares during the period. Nixon Peabody Trust Co. grew its position in shares of Wells Fargo & Company by 3.6% in the fourth quarter. Nixon Peabody Trust Co. now owns 3,351 shares of the financial services provider’s stock valued at $312,000 after purchasing an additional 115 shares during the period. Simmons Bank raised its position in shares of Wells Fargo & Company by 1.9% during the 4th quarter. Simmons Bank now owns 6,359 shares of the financial services provider’s stock worth $593,000 after purchasing an additional 116 shares during the last quarter. Moss Adams Wealth Advisors LLC boosted its holdings in Wells Fargo & Company by 1.0% in the 4th quarter. Moss Adams Wealth Advisors LLC now owns 12,048 shares of the financial services provider’s stock worth $1,123,000 after buying an additional 117 shares during the last quarter. Finally, Wood Tarver Financial Group LLC raised its holdings in shares of Wells Fargo & Company by 1.6% during the fourth quarter. Wood Tarver Financial Group LLC now owns 7,754 shares of the financial services provider’s stock valued at $722,000 after acquiring an additional 120 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 0.2%

Shares of NYSE:WFC traded up $0.16 on Friday, hitting $87.07. 14,053,458 shares of the company’s stock were exchanged, compared to its average volume of 13,508,680. The firm’s 50-day moving average is $80.67 and its 200 day moving average is $84.03. The company has a market capitalization of $266.46 billion, a PE ratio of 13.44, a P/E/G ratio of 1.00 and a beta of 0.92. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.90 and a current ratio of 0.90.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, topping the consensus estimate of $1.58 by $0.02. The firm had revenue of $11.62 billion for the quarter, compared to analyst estimates of $21.85 billion. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. Wells Fargo & Company’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period last year, the business earned $1.39 EPS. Sell-side analysts predict that Wells Fargo & Company will post 6.98 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Friday, May 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 27.78%.

Wells Fargo & Company News Roundup

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

• Positive Sentiment: Analysts and market commentary remain upbeat on Wells Fargo’s upcoming results, with expectations for higher net interest income and fee income to support earnings. The stock is also benefiting from a “moderate buy” consensus and renewed interest in bank earnings ahead of the reporting season.
• Positive Sentiment: Wells Fargo was cited as a bullish name in sector research, and the broader banking group is seen as positioned for solid Q2 results, which could lift financial stocks if the trend holds.
• Neutral Sentiment: Recent articles focused on Wells Fargo mostly previewed the earnings release rather than delivering new company-specific news, so investors are still waiting for a catalyst from the actual report.
• Neutral Sentiment: Broader market news was mixed but relatively calm, with futures drifting and investors waiting for inflation data and earnings season, which suggests WFC’s move is more tied to positioning than to any fresh negative headline.

Analysts Set New Price Targets

A number of brokerages have recently commented on WFC. Truist Financial increased their target price on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, June 26th. Barclays decreased their target price on shares of Wells Fargo & Company from $113.00 to $108.00 and set an “overweight” rating on the stock in a report on Wednesday, April 15th. HSBC upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a research report on Wednesday, April 1st. UBS Group reduced their price target on shares of Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Finally, KGI Securities cut Wells Fargo & Company to a “hold” rating in a research note on Thursday, April 16th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $98.34.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.