Wells Fargo & Company $WFC is Griffin Asset Management Inc.’s 7th Largest Position

Griffin Asset Management Inc. decreased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 1.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 219,251 shares of the financial services provider’s stock after selling 3,855 shares during the period. Wells Fargo & Company accounts for 2.1% of Griffin Asset Management Inc.’s investment portfolio, making the stock its 7th biggest position. Griffin Asset Management Inc.’s holdings in Wells Fargo & Company were worth $17,566,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of WFC. CBIZ Investment Advisory Services LLC increased its position in Wells Fargo & Company by 585.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock worth $27,000 after buying an additional 322 shares in the last quarter. McElhenny Sheffield Capital Management LLC purchased a new position in Wells Fargo & Company during the second quarter worth $27,000. Motco boosted its holdings in shares of 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. Accent Capital Management LLC purchased a new stake in shares of Wells Fargo & Company in the first quarter valued at $29,000. Finally, 1248 Management LLC purchased a new stake in shares of Wells Fargo & Company in the first quarter valued at $31,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. The Goldman Sachs Group lowered their price objective on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a research report on Wednesday, July 16th. Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Saturday, October 4th. Dbs Bank raised Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Phillip Securities downgraded Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Nine 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 company currently has a consensus rating of “Moderate Buy” and a consensus target price of $85.41.

Wells Fargo & Company Price Performance

WFC stock opened at $77.74 on Monday. The stock has a 50-day moving average price of $80.63 and a two-hundred day moving average price of $76.56. Wells Fargo & Company has a 12-month low of $58.42 and a 12-month high of $86.65. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The company has a market cap of $249.04 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 1.25 and a beta of 1.25.

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

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were paid a dividend of $0.45 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company’s payout ratio is presently 30.82%.

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.