Wells Fargo & Company $WFC Shares Bought by Westfield Capital Management Co. LP

Westfield Capital Management Co. LP grew its position in Wells Fargo & Company (NYSE:WFC) by 71.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 88,176 shares of the financial services provider’s stock after acquiring an additional 36,694 shares during the period. Westfield Capital Management Co. LP’s holdings in Wells Fargo & Company were worth $7,391,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of WFC. Vanguard Group Inc. boosted its position in Wells Fargo & Company by 0.4% during the second quarter. Vanguard Group Inc. now owns 302,092,955 shares of the financial services provider’s stock worth $24,203,688,000 after purchasing an additional 1,341,222 shares in the last quarter. Norges Bank purchased a new position in shares of Wells Fargo & Company during the 2nd quarter valued at approximately $3,990,551,000. Massachusetts Financial Services Co. MA lifted its position in shares of Wells Fargo & Company by 7.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 17,859,680 shares of the financial services provider’s stock valued at $1,496,998,000 after buying an additional 1,223,999 shares in the last quarter. Amundi grew its stake in Wells Fargo & Company by 18.2% in the 2nd quarter. Amundi now owns 14,155,753 shares of the financial services provider’s stock valued at $1,165,868,000 after acquiring an additional 2,180,693 shares during the period. Finally, Grantham Mayo Van Otterloo & Co. LLC raised its position in Wells Fargo & Company by 1.1% during the second quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 8,469,766 shares of the financial services provider’s stock worth $678,598,000 after acquiring an additional 88,358 shares during the period. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Down 0.5%

Shares of NYSE:WFC opened at $86.29 on Friday. Wells Fargo & Company has a 52-week low of $58.42 and a 52-week high of $97.76. The stock has a market cap of $266.26 billion, a P/E ratio of 13.76, a PEG ratio of 0.95 and a beta of 1.09. The business has a fifty day moving average of $90.96 and a two-hundred day moving average of $86.37. The company has a quick ratio of 0.84, a current ratio of 0.90 and a debt-to-equity ratio of 1.05.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $1.76 earnings per share for the quarter, beating the consensus estimate of $1.66 by $0.10. Wells Fargo & Company had a net margin of 17.27% and a return on equity of 12.90%. The firm had revenue of $21.29 billion for the quarter, compared to analysts’ expectations of $21.63 billion. During the same quarter in the previous year, the company posted $1.43 EPS. The company’s revenue was up 4.5% compared to the same quarter last year. On average, research analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Friday, February 6th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Friday, February 6th. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. Wells Fargo & Company’s dividend payout ratio is 28.71%.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. HSBC reissued a “hold” rating and set a $74.00 target price on shares of Wells Fargo & Company in a research note on Wednesday, January 7th. Truist Financial decreased their target price on Wells Fargo & Company from $104.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, January 15th. Weiss Ratings reissued a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Wednesday, January 21st. Robert W. Baird raised shares of Wells Fargo & Company from an “underperform” rating to a “neutral” rating and set a $85.00 target price on the stock in a research note on Friday, February 13th. Finally, TD Cowen reduced their target price on shares of Wells Fargo & Company from $102.00 to $100.00 and set a “hold” rating for the company in a research report on Thursday, January 15th. Thirteen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $97.03.

Insider Activity

In other news, EVP Kleber Santos sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $87.72, for a total transaction of $2,193,000.00. Following the completion of the sale, the executive vice president owned 79,876 shares in the company, valued at $7,006,722.72. This trade represents a 23.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.08% of the stock is owned by corporate insiders.

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.