Community Trust & Investment Co. Buys 198 Shares of Wells Fargo & Company $WFC

Community Trust & Investment Co. increased its stake in Wells Fargo & Company (NYSE:WFC) by 3.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,332 shares of the financial services provider’s stock after purchasing an additional 198 shares during the period. Community Trust & Investment Co.’s holdings in Wells Fargo & Company were worth $427,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of WFC. Bath Savings Trust Co bought a new position in Wells Fargo & Company in the second quarter valued at about $206,000. High Net Worth Advisory Group LLC bought a new position in Wells Fargo & Company in the second quarter valued at about $377,000. Wedmont Private Capital grew its position in Wells Fargo & Company by 6.9% in the second quarter. Wedmont Private Capital now owns 151,021 shares of the financial services provider’s stock valued at $12,352,000 after acquiring an additional 9,724 shares during the last quarter. Swedbank AB grew its position in Wells Fargo & Company by 3.1% in the second quarter. Swedbank AB now owns 807,375 shares of the financial services provider’s stock valued at $64,687,000 after acquiring an additional 24,178 shares during the last quarter. Finally, Secure Asset Management LLC grew its position in Wells Fargo & Company by 10.8% in the second quarter. Secure Asset Management LLC now owns 6,833 shares of the financial services provider’s stock valued at $547,000 after acquiring an additional 667 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on WFC shares. Dbs Bank upgraded Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a report on Thursday, July 17th. Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Friday, August 22nd. Truist Financial lifted their price objective on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a “buy” rating in a research note on Wednesday, July 9th. Cowen reaffirmed a “hold” rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Finally, Phillip Securities lowered Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $82.56.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $82.30 on Thursday. The business’s 50-day moving average price is $80.37 and its two-hundred day moving average price is $75.25. Wells Fargo & Company has a twelve month low of $53.31 and a twelve month high of $84.83. The stock has a market cap of $263.64 billion, a P/E ratio of 14.09, a PEG ratio of 1.26 and a beta of 1.25. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.13. The firm had revenue of $20.82 billion for the quarter, compared to analysts’ expectations of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company’s revenue was up .6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.33 EPS. As a group, equities analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.2%. The ex-dividend date was Friday, August 8th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s dividend payout ratio is 30.82%.

Wells Fargo & 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.