LGT Fund Management Co Ltd. Takes $2.48 Million Position in Wells Fargo & Company (NYSE:WFC)

LGT Fund Management Co Ltd. acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 41,716 shares of the financial services provider’s stock, valued at approximately $2,478,000.

Other large investors have also bought and sold shares of the company. 9258 Wealth Management LLC lifted its stake in Wells Fargo & Company by 4.1% in the 4th quarter. 9258 Wealth Management LLC now owns 12,972 shares of the financial services provider’s stock valued at $638,000 after purchasing an additional 516 shares during the last quarter. Gryphon Financial Partners LLC lifted its stake in shares of Wells Fargo & Company by 93.3% in the 4th quarter. Gryphon Financial Partners LLC now owns 26,467 shares of the financial services provider’s stock valued at $1,246,000 after acquiring an additional 12,778 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Wells Fargo & Company by 9.7% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 170,410 shares of the financial services provider’s stock valued at $8,388,000 after acquiring an additional 15,126 shares in the last quarter. Avantax Advisory Services Inc. grew its position in Wells Fargo & Company by 11.3% during the 4th quarter. Avantax Advisory Services Inc. now owns 124,265 shares of the financial services provider’s stock worth $6,116,000 after acquiring an additional 12,614 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in Wells Fargo & Company by 2.9% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,847,713 shares of the financial services provider’s stock worth $90,944,000 after purchasing an additional 51,521 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Up 1.1 %

Wells Fargo & Company stock opened at $54.60 on Tuesday. The company has a market capitalization of $185.85 billion, a PE ratio of 11.21, a PEG ratio of 1.27 and a beta of 1.16. Wells Fargo & Company has a 12-month low of $38.38 and a 12-month high of $62.55. The firm’s fifty day moving average is $57.19 and its 200 day moving average is $57.97. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.04. The firm had revenue of $20.69 billion for the quarter, compared to analyst estimates of $20.29 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.25 earnings per share. As a group, sell-side analysts predict that Wells Fargo & Company will post 5.15 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date of this dividend was Friday, August 9th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s dividend payout ratio (DPR) is 32.85%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on WFC shares. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research note on Tuesday, September 3rd. Evercore ISI cut their target price on shares of Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating on the stock in a research report on Friday. BMO Capital Markets upped their price target on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research report on Thursday, July 11th. Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Finally, Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and decreased their price objective for the company from $62.00 to $59.00 in a report on Friday, August 16th. Twelve analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $60.29.

Wells Fargo & Company Company Profile

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