Fisher Asset Management LLC Raises Stock Position in Wells Fargo & Company $WFC

Fisher Asset Management LLC increased its stake in Wells Fargo & Company (NYSE:WFC) by 55.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 33,637 shares of the financial services provider’s stock after acquiring an additional 12,065 shares during the quarter. Fisher Asset Management LLC’s holdings in Wells Fargo & Company were worth $3,135,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WFC. Navalign LLC purchased a new stake in Wells Fargo & Company in the 4th quarter worth $26,000. Redmont Wealth Advisors LLC purchased a new stake in Wells Fargo & Company in the 3rd quarter worth $27,000. Joseph Group Capital Management purchased a new stake in Wells Fargo & Company in the 4th quarter worth $28,000. Imprint Wealth LLC purchased a new stake in Wells Fargo & Company in the 3rd quarter worth $31,000. Finally, Cloud Capital Management LLC purchased a new stake in Wells Fargo & Company in the 3rd quarter worth $37,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Trending Headlines about Wells Fargo & Company

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

• Positive Sentiment: CEO Charlie Scharf said Wells Fargo expects investment banking and trading revenue to rise by mid-teen percentages in the second quarter, which could support fee income and help offset weakness elsewhere. Reuters article
• Positive Sentiment: At a Bernstein conference, Wells Fargo highlighted improving momentum in key businesses, reinforcing the case that ongoing operating improvements and a possible easing of regulatory constraints could support the stock over time. Seeking Alpha transcript
• Neutral Sentiment: The company is also benefiting indirectly from a broader banking backdrop in which excess cash in funding markets is boosting balance-sheet capacity at large banks, though this is more of an industry tailwind than a Wells Fargo-specific catalyst. Yahoo Finance/Bloomberg article
• Negative Sentiment: Wells Fargo warned that the recent small-cap rally may be masking weakening earnings estimates, low profitability and rising debt, a message that points to a more fragile market backdrop and may weigh on sentiment toward financials. MarketWatch article
• Negative Sentiment: Recent coverage also noted that WFC shares have been sliding year to date, reflecting investor concerns about the pace of recovery despite long-term support from digital growth, NII improvement and potential regulatory relief. Zacks article

Wells Fargo & Company Trading Up 0.7%

Shares of WFC opened at $76.65 on Friday. Wells Fargo & Company has a 52-week low of $71.93 and a 52-week high of $97.76. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.12. The firm’s fifty day moving average is $79.03 and its two-hundred day moving average is $84.96. The stock has a market cap of $234.57 billion, a PE ratio of 11.83, a price-to-earnings-growth ratio of 0.89 and a beta of 0.96.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Tuesday, April 14th. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.02. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. The company had revenue of $11.62 billion for the quarter, compared to analysts’ expectations of $21.85 billion. During the same quarter in the previous year, the company posted $1.39 EPS. The firm’s quarterly revenue was up 6.4% on a year-over-year basis. Research analysts forecast that Wells Fargo & Company will post 6.84 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, May 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.3%. Wells Fargo & Company’s payout ratio is presently 27.78%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. KGI Securities lowered shares of Wells Fargo & Company to a “hold” rating in a report on Thursday, April 16th. JPMorgan Chase & Co. lowered their target price on shares of Wells Fargo & Company from $91.00 to $86.50 and set a “neutral” rating on the stock in a research note on Thursday, April 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Monday, April 20th. Piper Sandler reaffirmed an “overweight” rating and set a $94.00 target price (down from $100.00) on shares of Wells Fargo & Company in a research note on Wednesday, April 15th. Finally, HSBC raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a research note on Wednesday, April 1st. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $97.53.

About Wells Fargo & Company

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.