6,760 Shares in Wells Fargo & Company $WFC Bought by Occidental Asset Management LLC

Occidental Asset Management LLC acquired a new stake in Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 6,760 shares of the financial services provider’s stock, valued at approximately $559,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in WFC. Norges Bank acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at about $4,512,563,000. Bank of New York Mellon Corp acquired a new position in shares of Wells Fargo & Company during the second quarter worth about $1,364,923,000. Deutsche Bank AG acquired a new position in shares of Wells Fargo & Company during the second quarter worth about $859,431,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Wells Fargo & Company during the second quarter worth about $620,861,000. Finally, Amundi grew its holdings in shares of Wells Fargo & Company by 73.0% during the first quarter. Amundi now owns 16,463,550 shares of the financial services provider’s stock worth $1,310,663,000 after buying an additional 6,944,316 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Price Performance

NYSE:WFC opened at $83.83 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s 50-day simple moving average is $86.08 and its 200 day simple moving average is $82.97. The company has a market cap of $253.50 billion, a P/E ratio of 12.18, a P/E/G ratio of 0.91 and a beta of 0.92. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.23. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The business had revenue of $22.62 billion for the quarter, compared to analyst estimates of $21.86 billion. During the same quarter in the prior year, the company posted $1.60 earnings per share. Wells Fargo & Company’s revenue was up 8.6% on a year-over-year basis. As a group, sell-side 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 disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be paid a dividend of $0.50 per share. The ex-dividend date is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.4%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.07%.

Analyst Upgrades and Downgrades

WFC has been the topic of a number of recent research reports. Robert W. Baird lifted their target price on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. UBS Group reduced their price target on Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Truist Financial raised their price target on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. 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 report on Wednesday, July 15th. Finally, Morgan Stanley boosted their price objective on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $98.61.

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.