Bridges Investment Management Inc. lifted its stake in shares of Wells Fargo & Co (NYSE:WFC) by 4.6% during the first quarter, HoldingsChannel reports. The firm owned 452,368 shares of the financial services provider’s stock after acquiring an additional 19,783 shares during the quarter. Bridges Investment Management Inc.’s holdings in Wells Fargo & Co were worth $21,858,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in WFC. Brand Asset Management Group Inc. raised its stake in Wells Fargo & Co by 96.8% in the 1st quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 242 shares during the period. Orrstown Financial Services Inc. raised its stake in Wells Fargo & Co by 125.9% in the 1st quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 287 shares during the period. Horan Capital Advisors LLC. bought a new stake in Wells Fargo & Co in the 1st quarter valued at $27,000. Nalls Sherbakoff Group LLC bought a new stake in Wells Fargo & Co in the 4th quarter valued at $32,000. Finally, Financial Gravity Wealth Inc. bought a new stake in Wells Fargo & Co in the 1st quarter valued at $37,000. Institutional investors own 75.38% of the company’s stock.
A number of research firms recently weighed in on WFC. Zacks Investment Research cut Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Wednesday, May 22nd. Deutsche Bank dropped their price target on Wells Fargo & Co from $48.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, May 21st. ValuEngine raised Wells Fargo & Co from a “sell” rating to a “hold” rating in a report on Tuesday, March 19th. Buckingham Research lowered Wells Fargo & Co from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $65.00 to $53.00 in a report on Monday, April 15th. Finally, BMO Capital Markets decreased their price objective on Wells Fargo & Co from $65.00 to $63.00 and set a “market perform” rating on the stock in a report on Monday, April 15th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $55.39.
Shares of NYSE WFC opened at $45.59 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 1.35. Wells Fargo & Co has a one year low of $43.02 and a one year high of $59.53. The firm has a market capitalization of $204.90 billion, a price-to-earnings ratio of 10.41, a PEG ratio of 0.85 and a beta of 1.09.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. Wells Fargo & Co had a return on equity of 13.37% and a net margin of 22.59%. The firm had revenue of $21.61 billion for the quarter, compared to analyst estimates of $20.89 billion. During the same period in the prior year, the firm posted $0.96 EPS. Equities analysts forecast that Wells Fargo & Co will post 4.73 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Friday, May 10th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 3.95%. The ex-dividend date was Thursday, May 9th. Wells Fargo & Co’s dividend payout ratio (DPR) is currently 41.10%.
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About Wells Fargo & Co
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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