Jacobi Capital Management LLC Acquires 1,401 Shares of Wells Fargo & Company (NYSE:WFC)

Jacobi Capital Management LLC raised its position in shares of Wells Fargo & Company (NYSE:WFC) by 12.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,241 shares of the financial services provider’s stock after buying an additional 1,401 shares during the quarter. Jacobi Capital Management LLC’s holdings in Wells Fargo & Company were worth $593,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in WFC. Landmark Wealth Management LLC purchased a new position in shares of Wells Fargo & Company in the 1st quarter worth approximately $40,000. Gibson Wealth Advisors LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $25,000. Financial Management Professionals Inc. boosted its holdings in shares of Wells Fargo & Company by 193.3% in the 1st quarter. Financial Management Professionals Inc. now owns 522 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 344 shares during the period. FNY Investment Advisers LLC purchased a new position in shares of Wells Fargo & Company in the 1st quarter worth approximately $25,000. Finally, KRS Capital Management LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $28,000. Hedge funds and other institutional investors own 74.01% of the company’s stock.

Wells Fargo & Company Trading Up 2.3 %

Shares of NYSE:WFC opened at $43.76 on Friday. The business’s 50-day moving average is $41.50 and its 200 day moving average is $46.94. Wells Fargo & Company has a 1 year low of $36.54 and a 1 year high of $60.30. The firm has a market capitalization of $165.98 billion, a P/E ratio of 10.49, a P/E/G ratio of 1.08 and a beta of 1.18. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.81 and a quick ratio of 0.80.

Wells Fargo & Company (NYSE:WFCGet Rating) last announced its earnings results on Friday, July 15th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.14). The business had revenue of $17.03 billion for the quarter, compared to analyst estimates of $17.54 billion. Wells Fargo & Company had a net margin of 22.52% and a return on equity of 10.67%. The company’s quarterly revenue was down 16.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.38 earnings per share. On average, research analysts predict that Wells Fargo & Company will post 4 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Shareholders of record on Friday, August 5th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.74%. The ex-dividend date is Thursday, August 4th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.25. Wells Fargo & Company’s payout ratio is presently 23.98%.

Analyst Ratings Changes

A number of equities analysts have recently commented on WFC shares. Morgan Stanley lifted their target price on Wells Fargo & Company from $59.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, July 18th. BMO Capital Markets dropped their price objective on Wells Fargo & Company from $64.00 to $60.00 and set a “market perform” rating for the company in a report on Monday, April 18th. Citigroup decreased their target price on Wells Fargo & Company from $56.00 to $47.00 and set a “buy” rating for the company in a research report on Tuesday, July 12th. Piper Sandler set a $48.00 target price on Wells Fargo & Company in a research report on Monday, June 20th. Finally, The Goldman Sachs Group lifted their target price on Wells Fargo & Company from $54.00 to $56.00 in a research report on Thursday, April 14th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Wells Fargo & Company has an average rating of “Moderate Buy” and a consensus target price of $55.31.

Wells Fargo & Company Profile

(Get Rating)

Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.

Featured Stories

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFCGet Rating).

Institutional Ownership by Quarter for Wells Fargo & Company (NYSE:WFC)

Receive News & Ratings for Wells Fargo & Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Company and related companies with MarketBeat.com's FREE daily email newsletter.