W1M Asset Management Ltd Invests $511,000 in Wells Fargo & Company $WFC

W1M Asset Management Ltd bought a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 6,182 shares of the financial services provider’s stock, valued at approximately $511,000.

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

Wells Fargo & Company Stock Up 0.1%

WFC stock opened at $84.82 on Wednesday. The firm’s fifty day simple moving average is $86.11 and its 200-day simple moving average is $82.79. The company has a market capitalization of $256.51 billion, a P/E ratio of 12.33, a price-to-earnings-growth ratio of 0.92 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. Wells Fargo & Company has a 12 month low of $72.78 and a 12 month high of $97.76.

Wells Fargo & Company (NYSE:WFC) last issued 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. The firm had revenue of $22.62 billion during the quarter, compared to analysts’ expectations of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The firm’s revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.60 earnings per share. As a group, equities research analysts forecast that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Friday, August 7th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.07%.

Analyst Ratings Changes

A number of brokerages have issued reports on WFC. JPMorgan Chase & Co. upped their price target on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. Morgan Stanley lifted 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 note on Monday, June 29th. Keefe, Bruyette & Woods dropped 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. Bank of America raised their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Finally, Truist Financial boosted their price target on Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, June 26th. 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 company. According to MarketBeat.com, Wells Fargo & Company has an average rating of “Moderate Buy” and a consensus price target of $98.61.

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.