Plancorp LLC Buys 6,169 Shares of Wells Fargo & Company $WFC

Plancorp LLC increased its stake in Wells Fargo & Company (NYSE:WFC) by 41.6% during the 2nd quarter, HoldingsChannel reports. The firm owned 21,013 shares of the financial services provider’s stock after buying an additional 6,169 shares during the period. Plancorp LLC’s holdings in Wells Fargo & Company were worth $1,842,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Godfrey Financial Associates Inc. purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth $25,000. Miller Capital Partners Inc. purchased a new stake in Wells Fargo & Company during the fourth quarter valued at $25,000. Navalign LLC bought a new position in Wells Fargo & Company in the fourth quarter valued at about $26,000. Joseph Group Capital Management purchased a new position in Wells Fargo & Company in the fourth quarter worth about $28,000. Finally, Phillip James Consulting Co. bought a new stake in shares of Wells Fargo & Company during the 1st quarter valued at about $28,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $88.13 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76. The company’s 50-day moving average price is $85.60 and its 200-day moving average price is $83.06. The company has a market cap of $266.51 billion, a PE ratio of 12.81, a price-to-earnings-growth ratio of 0.97 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.23. The business had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.60 earnings per share. On average, equities research analysts forecast that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, August 7th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s payout ratio is currently 29.07%.

Analyst Ratings Changes

Several brokerages have recently weighed in on WFC. Keefe, Bruyette & Woods lowered their price objective on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 15th. Raymond James Financial reaffirmed a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Robert W. Baird increased their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Weiss Ratings reissued a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Finally, Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Sunday, June 14th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $98.61.

Wells Fargo & Company News Summary

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

• Positive Sentiment: Investors have been rotating from high-flying artificial-intelligence stocks into financial shares, creating broader momentum for banks such as Wells Fargo. Risk-On Momentum in Bank Stocks Echoes Aftermath of Dot-Com Bust
• Positive Sentiment: Wells Fargo’s investment case is strengthened by the expected removal of its asset cap, potential net-interest-income growth and shareholder capital returns. The stock has gained 20.5% over three months, though investors are evaluating whether that momentum can continue. WFC Stock Gains 20.5% in 3 Months: Buy, Hold or Sell the Stock Now?
• Positive Sentiment: The bank’s tokenized-deposit launch for corporate and commercial clients could expand payment and settlement capabilities, while new debt and preferred-share offerings support its broader post-asset-cap investment strategy. Is Wells Fargo’s Tokenized Deposit Push Reshaping Its Post-Cap Investment Story?

Wells Fargo & Company 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.