Wells Fargo & Company $WFC Stake Boosted by Mufg Securities Americas Inc.

Mufg Securities Americas Inc. lifted its stake in shares of Wells Fargo & Company (NYSE:WFC) by 8.8% during the second quarter, Holdings Channel reports. The firm owned 101,193 shares of the financial services provider’s stock after buying an additional 8,150 shares during the period. Mufg Securities Americas Inc.’s holdings in Wells Fargo & Company were worth $8,363,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in WFC. Brighton Jones LLC increased its position in Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock worth $4,652,000 after buying an additional 25,436 shares during the period. Jump Financial LLC boosted its holdings in shares of Wells Fargo & Company by 12.9% during the second quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider’s stock valued at $1,835,000 after acquiring an additional 2,615 shares during the period. Main Street Financial Solutions LLC boosted its holdings in shares of Wells Fargo & Company by 111.0% during the second quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider’s stock valued at $1,122,000 after acquiring an additional 7,368 shares during the period. Vivaldi Capital Management LP grew its position in shares of Wells Fargo & Company by 5.4% during the second quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider’s stock worth $259,000 after acquiring an additional 165 shares during the last quarter. Finally, Diversify Advisory Services LLC grew its position in shares of Wells Fargo & Company by 51.2% during the second quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider’s stock worth $2,044,000 after acquiring an additional 8,714 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Key Stories Impacting Wells Fargo & Company

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

• Positive Sentiment: Wells Fargo is reportedly seeking to recruit hundreds of independent financial advisers, expanding its Wealth & Investment Management division and targeting affluent and high-net-worth clients. The initiative builds on a multiyear overhaul and could support fee-based revenue, asset growth and deeper customer relationships. WFC Broadens Wealth Focus: Can Its Multi-Year Revamp Drive Growth?
• Positive Sentiment: The wealth-management push follows an approximately $1.5 billion revamp and emphasizes independent advisers who can use Wells Fargo’s platform and infrastructure. Successful hiring and retention could improve the division’s long-term growth prospects, although benefits will take time to materialize. Wells Fargo Steps Up Wealth Hiring After $1.5 Billion Revamp
• Neutral Sentiment: Analysts collectively maintain a “Moderate Buy” recommendation for Wells Fargo. The rating indicates generally constructive sentiment, but it does not represent a new earnings forecast or a clearly identifiable catalyst. Wells Fargo Given Average Recommendation of Moderate Buy by Analysts
• Neutral Sentiment: A market-focused report noted that WFC advanced even as the broader market declined, suggesting relative investor support. The article did not identify a major new earnings announcement, guidance change or regulatory development behind the move. Wells Fargo Gains As Market Dips: What You Should Know

Analysts Set New Price Targets

Several analysts recently weighed in on WFC shares. Raymond James Financial reiterated a “market perform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, May 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. UBS Group lowered their target price on Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating on the stock in a research report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. boosted their price target on Wells Fargo & Company from $93.50 to $95.50 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Two 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $98.61.

Wells Fargo & Company Trading Up 1.9%

Wells Fargo & Company stock opened at $86.62 on Friday. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market capitalization of $261.94 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 0.92 and a beta of 0.92. The firm has a 50 day simple moving average of $86.27 and a 200-day simple moving average of $82.71.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, topping the consensus estimate of $1.73 by $0.23. The firm had revenue of $22.62 billion for the quarter, compared to analysts’ expectations of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.60 earnings per share. As a group, equities research analysts expect that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

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

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.