Wells Fargo & Company $WFC Stock: Summit Global Investments Grows Position

Summit Global Investments grew its position in Wells Fargo & Company (NYSE:WFC) by 65.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,006 shares of the financial services provider’s stock after purchasing an additional 9,120 shares during the period. Summit Global Investments’ holdings in Wells Fargo & Company were worth $1,842,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Phillip James Consulting Co. purchased a new position in Wells Fargo & Company in the first quarter valued at approximately $28,000. Security National Bank of Sioux City Iowa IA purchased a new stake in Wells Fargo & Company during the second quarter worth approximately $28,000. Main Street Group LTD purchased a new stake in Wells Fargo & Company during the first quarter worth approximately $29,000. Dunhill Financial LLC purchased a new stake in Wells Fargo & Company during the second quarter worth approximately $30,000. Finally, BOK Financial Private Wealth Inc. acquired a new stake in shares of Wells Fargo & Company in the second quarter worth $34,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on WFC shares. Bank of America raised their target price on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Royal Bank Of Canada decreased their price target on shares of Wells Fargo & Company from $100.00 to $92.00 and set an “outperform” rating for the company in a research report on Wednesday, October 14th. The Goldman Sachs Group set a $94.00 price target on shares of Wells Fargo & Company in a research report on Tuesday, October 13th. Raymond James Financial reiterated a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Finally, TD Cowen started coverage on Wells Fargo & Company in a research report on Thursday, October 8th. They issued a “buy” rating and a $95.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat, Wells Fargo & Company has an average rating of “Moderate Buy” and a consensus price target of $98.11.

Wells Fargo & Company Stock Down 1.7%

NYSE WFC opened at $83.39 on Friday. The stock has a market cap of $250.32 billion, a PE ratio of 11.76, a P/E/G ratio of 0.89 and a beta of 0.96. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76. The business has a 50 day moving average price of $84.33 and a two-hundred day moving average price of $83.70. The company has a quick ratio of 0.90, a current ratio of 0.89 and a debt-to-equity ratio of 1.14.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, October 13th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.02. The company had revenue of $21.87 billion during the quarter, compared to the consensus estimate of $22.30 billion. Wells Fargo & Company had a net margin of 17.64% and a return on equity of 14.05%. Wells Fargo & Company’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter last year, the company earned $1.66 earnings per share. As a group, sell-side analysts predict that Wells Fargo & Company will post 7.27 EPS for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 6th will be paid a $0.50 dividend. The ex-dividend date is Friday, November 6th. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. Wells Fargo & Company’s dividend payout ratio is 28.21%.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and financial management services to individuals, businesses, and institutions. Its offerings include deposit accounts, residential and commercial lending, credit cards, payments, treasury management, and other banking products.

The company also provides wealth and investment management services, including financial planning, brokerage, advisory, and private banking solutions.