Advisors Capital Management LLC Purchases 6,830 Shares of Wells Fargo & Company $WFC

Advisors Capital Management LLC lifted its position in shares of Wells Fargo & Company (NYSE:WFC) by 0.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 727,761 shares of the financial services provider’s stock after buying an additional 6,830 shares during the period. Advisors Capital Management LLC’s holdings in Wells Fargo & Company were worth $58,308,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of WFC. Access Investment Management LLC acquired a new position in Wells Fargo & Company during the 2nd quarter worth approximately $25,000. CBIZ Investment Advisory Services LLC lifted its position in shares of Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 322 shares in the last quarter. McElhenny Sheffield Capital Management LLC bought a new stake in shares of Wells Fargo & Company in the second quarter worth $27,000. Motco boosted its holdings in Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 326 shares during the last quarter. Finally, Accent Capital Management LLC acquired a new position in Wells Fargo & Company during the first quarter worth $29,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

WFC has been the topic of several recent research reports. Truist Financial lifted their price target on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Keefe, Bruyette & Woods raised their price objective on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, October 15th. Citigroup upped their target price on Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. UBS Group reduced their price target on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, October 7th. Finally, Cfra Research raised Wells Fargo & Company to a “moderate buy” rating in a research report on Wednesday, October 15th. Eleven investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $89.57.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $84.66 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. The business’s 50 day moving average price is $83.59 and its two-hundred day moving average price is $79.75. The company has a market cap of $265.75 billion, a PE ratio of 13.92, a price-to-earnings-growth ratio of 1.18 and a beta of 1.22. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $88.64.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, October 14th. The financial services provider reported $1.73 EPS for the quarter, topping the consensus estimate of $1.55 by $0.18. The company had revenue of $21.44 billion during the quarter, compared to the consensus estimate of $21.11 billion. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.42 EPS. On average, analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 7th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, November 7th. Wells Fargo & Company’s payout ratio is currently 29.61%.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.