LGT Fund Management Co Ltd. Acquires 62,764 Shares of Wells Fargo & Company $WFC

LGT Fund Management Co Ltd. raised its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 97.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 126,992 shares of the financial services provider’s stock after purchasing an additional 62,764 shares during the quarter. LGT Fund Management Co Ltd.’s holdings in Wells Fargo & Company were worth $10,110,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Private Wealth Group LLC increased its stake in Wells Fargo & Company by 2.5% in the 4th quarter. Private Wealth Group LLC now owns 4,514 shares of the financial services provider’s stock worth $421,000 after buying an additional 108 shares during the period. Nixon Peabody Trust Co. lifted its holdings in Wells Fargo & Company by 3.6% during the 4th quarter. Nixon Peabody Trust Co. now owns 3,351 shares of the financial services provider’s stock valued at $312,000 after buying an additional 115 shares in the last quarter. Simmons Bank boosted its position in Wells Fargo & Company by 1.9% in the 4th quarter. Simmons Bank now owns 6,359 shares of the financial services provider’s stock valued at $593,000 after buying an additional 116 shares during the period. Moss Adams Wealth Advisors LLC boosted its position in Wells Fargo & Company by 1.0% in the 4th quarter. Moss Adams Wealth Advisors LLC now owns 12,048 shares of the financial services provider’s stock valued at $1,123,000 after buying an additional 117 shares during the period. Finally, Wood Tarver Financial Group LLC grew its stake in Wells Fargo & Company by 1.6% in the 4th quarter. Wood Tarver Financial Group LLC now owns 7,754 shares of the financial services provider’s stock worth $722,000 after acquiring an additional 120 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

More Wells Fargo & Company News

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

• Positive Sentiment: Analysts and market commentary remain upbeat on Wells Fargo’s upcoming results, with expectations for higher net interest income and fee income to support earnings. The stock is also benefiting from a “moderate buy” consensus and renewed interest in bank earnings ahead of the reporting season.
• Positive Sentiment: Wells Fargo was cited as a bullish name in sector research, and the broader banking group is seen as positioned for solid Q2 results, which could lift financial stocks if the trend holds.
• Neutral Sentiment: Recent articles focused on Wells Fargo mostly previewed the earnings release rather than delivering new company-specific news, so investors are still waiting for a catalyst from the actual report.
• Neutral Sentiment: Broader market news was mixed but relatively calm, with futures drifting and investors waiting for inflation data and earnings season, which suggests WFC’s move is more tied to positioning than to any fresh negative headline.

Wells Fargo & Company Stock Up 0.2%

Shares of WFC traded up $0.16 during mid-day trading on Friday, hitting $87.07. The company’s stock had a trading volume of 14,053,458 shares, compared to its average volume of 13,508,680. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.12. The company’s 50-day moving average is $80.67 and its 200-day moving average is $84.03. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76. The firm has a market capitalization of $266.46 billion, a price-to-earnings ratio of 13.44, a PEG ratio of 1.00 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, topping the consensus estimate of $1.58 by $0.02. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The firm had revenue of $11.62 billion during the quarter, compared to analyst estimates of $21.85 billion. During the same period in the previous year, the company posted $1.39 EPS. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, equities research analysts forecast that Wells Fargo & Company will post 6.98 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. Wells Fargo & Company’s dividend payout ratio is presently 27.78%.

Analysts Set New Price Targets

Several analysts have recently weighed in on WFC shares. Truist Financial lifted their price target on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, June 26th. Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, May 7th. HSBC upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $94.00 price objective on the stock in a report on Wednesday, April 1st. KGI Securities lowered Wells Fargo & Company to a “hold” rating in a research report on Thursday, April 16th. Finally, The Goldman Sachs Group dropped their price target on Wells Fargo & Company from $109.00 to $93.00 and set a “buy” rating on the stock in a research report on Monday, March 23rd. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $98.34.

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.