Brookstone Capital Management Grows Holdings in Wells Fargo & Company $WFC

Brookstone Capital Management increased its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 240.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 181,375 shares of the financial services provider’s stock after purchasing an additional 128,022 shares during the period. Brookstone Capital Management’s holdings in Wells Fargo & Company were worth $14,989,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of WFC. Norges Bank purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $4,512,563,000. Amundi boosted its stake in shares of Wells Fargo & Company by 73.0% during the first quarter. Amundi now owns 16,463,550 shares of the financial services provider’s stock worth $1,310,663,000 after buying an additional 6,944,316 shares during the period. Mawer Investment Management Ltd. boosted its stake in shares of Wells Fargo & Company by 177.7% during the fourth quarter. Mawer Investment Management Ltd. now owns 4,876,127 shares of the financial services provider’s stock worth $454,455,000 after buying an additional 3,120,399 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Wells Fargo & Company by 13.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider’s stock worth $1,922,257,000 after buying an additional 2,369,260 shares during the last quarter. Finally, PFA Pension Forsikringsaktieselskab purchased a new position in shares of Wells Fargo & Company during the fourth quarter worth about $173,651,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on WFC shares. Truist Financial upped their price objective on Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, June 26th. KGI Securities cut Wells Fargo & Company to a “hold” rating in a research report on Thursday, April 16th. 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 note on Tuesday, July 7th. Robert W. Baird boosted their target price on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. upped their price target on Wells Fargo & Company from $93.50 to $95.50 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned 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 price target of $98.61.

Wells Fargo & Company News Summary

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

• Positive Sentiment: Investors have been rotating from high-flying artificial-intelligence stocks into financial shares, creating broader momentum for banks such as Wells Fargo. Risk-On Momentum in Bank Stocks Echoes Aftermath of Dot-Com Bust
• Positive Sentiment: Wells Fargo’s investment case is strengthened by the expected removal of its asset cap, potential net-interest-income growth and shareholder capital returns. The stock has gained 20.5% over three months, though investors are evaluating whether that momentum can continue. WFC Stock Gains 20.5% in 3 Months: Buy, Hold or Sell the Stock Now?
• Positive Sentiment: The bank’s tokenized-deposit launch for corporate and commercial clients could expand payment and settlement capabilities, while new debt and preferred-share offerings support its broader post-asset-cap investment strategy. Is Wells Fargo’s Tokenized Deposit Push Reshaping Its Post-Cap Investment Story?

Wells Fargo & Company Trading Down 0.9%

NYSE:WFC opened at $88.13 on Friday. The stock has a fifty day moving average price of $85.60 and a two-hundred day moving average price of $83.06. The stock has a market capitalization of $266.51 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 0.97 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. 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 released its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.23. The company had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.Wells Fargo & Company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.60 earnings per share. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

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

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.