Field & Main Bank Takes Position in Wells Fargo & Company $WFC

Field & Main Bank purchased a new stake in Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, HoldingsChannel reports. The firm purchased 8,090 shares of the financial services provider’s stock, valued at approximately $669,000.

A number of other large investors also recently bought and sold shares of WFC. Archer Investment Corp purchased a new position in Wells Fargo & Company during the second quarter worth approximately $196,000. Kingsview Wealth Management LLC acquired a new stake in Wells Fargo & Company in the second quarter valued at approximately $8,207,000. Beacon Pointe Advisors LLC purchased a new stake in shares of Wells Fargo & Company in the second quarter valued at approximately $40,501,000. Pin Oak Investment Advisors Inc. purchased a new stake in shares of Wells Fargo & Company in the second quarter valued at approximately $742,000. Finally, 49 Wealth Management LLC acquired a new position in shares of Wells Fargo & Company during the 2nd quarter worth approximately $320,000. Institutional investors and hedge funds 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: 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 Performance

Shares of NYSE:WFC opened at $86.62 on Friday. 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 business’s 50 day moving average price is $86.27 and its 200-day moving average price is $82.71. The firm has a market capitalization of $261.94 billion, a PE ratio of 12.59, a P/E/G ratio of 0.92 and a beta of 0.92. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, beating 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 firm had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. During the same period in the prior year, the company earned $1.60 EPS. The firm’s revenue was up 8.6% compared to the same quarter last year. As a group, equities research analysts expect that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on WFC. UBS Group decreased 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. Keefe, Bruyette & Woods cut their price target on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a report on Wednesday, July 15th. JPMorgan Chase & Co. upped their price objective on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Finally, Robert W. Baird lifted their target price on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently 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.