North Star Asset Management Inc. Takes Position in Wells Fargo & Company $WFC

North Star Asset Management Inc. purchased a new position in Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 11,254 shares of the financial services provider’s stock, valued at approximately $930,000.

A number of other large investors also recently bought and sold shares of WFC. Empowered Funds LLC bought a new stake in Wells Fargo & Company during the second quarter worth about $57,178,000. United Capital Financial Advisors LLC bought a new position in shares of Wells Fargo & Company during the second quarter valued at approximately $15,774,000. Yukon Wealth Management Inc. purchased a new position in shares of Wells Fargo & Company during the second quarter valued at approximately $276,000. Brooks Moore & Associates Inc. purchased a new position in shares of Wells Fargo & Company during the second quarter valued at approximately $1,114,000. Finally, Hamilton Capital LLC bought a new stake in shares of Wells Fargo & Company in the 2nd quarter worth approximately $260,000. 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: 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 Price Performance

Shares of NYSE WFC opened at $86.62 on Friday. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76. The firm has a market cap of $261.94 billion, a P/E ratio of 12.59, a PEG ratio of 0.92 and a beta of 0.92. The company has a 50 day moving average of $86.27 and a 200 day moving average of $82.71. 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 issued its earnings results 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. The business had revenue of $22.62 billion for 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%.The company’s revenue was up 8.6% compared to the same quarter last year. During the same period last year, the business posted $1.60 EPS. As a group, research analysts expect that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on WFC. Bank of America raised their price objective on Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods dropped their target price on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a report on Wednesday, July 15th. Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Truist Financial raised their price target on Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a report on Friday, June 26th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company currently has an average rating of “Moderate Buy” and an average target price of $98.61.

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.