Moore Capital Management LP Buys New Position in Wells Fargo & Company $WFC

Moore Capital Management LP bought a new stake in Wells Fargo & Company (NYSE:WFC) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 154,200 shares of the financial services provider’s stock, valued at approximately $12,743,000.

A number of other hedge funds and other institutional investors have also modified their holdings of WFC. Brighton Jones LLC lifted its stake in shares of Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock worth $4,652,000 after purchasing an additional 25,436 shares during the period. Jump Financial LLC increased its stake in shares of Wells Fargo & Company by 12.9% during the 2nd 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 last quarter. Main Street Financial Solutions LLC increased its stake in shares of Wells Fargo & Company by 111.0% during the 2nd 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 last quarter. Vivaldi Capital Management LP lifted its holdings in shares of Wells Fargo & Company by 5.4% during the 2nd 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 period. Finally, Diversify Advisory Services LLC lifted its holdings in shares of Wells Fargo & Company by 51.2% during the 2nd 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 period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about 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

Wells Fargo & Company Stock Down 0.1%

NYSE WFC opened at $86.62 on Monday. The stock has a market cap of $261.94 billion, a PE ratio of 12.59, a P/E/G ratio of 0.94 and a beta of 0.92. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76. The business has a 50 day moving average price of $86.27 and a two-hundred day moving average price of $82.63. 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 (NYSE:WFC) last posted 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. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The company had revenue of $22.62 billion for the quarter, compared to analyst estimates of $21.86 billion. During the same quarter last year, the firm posted $1.60 earnings per share. The business’s quarterly revenue was up 8.6% on a year-over-year basis. As a group, sell-side analysts predict 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. Investors of record on Friday, August 7th will be paid a dividend of $0.50 per share. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.3%. Wells Fargo & Company’s payout ratio is presently 29.07%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on WFC shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Truist Financial upped their price target on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Morgan Stanley lifted their price objective on Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. Finally, Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, May 7th. Two investment 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 stock. According to data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus target price of $98.61.

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.