Novare Capital Management LLC Buys 1,457 Shares of Wells Fargo & Company $WFC

Novare Capital Management LLC lifted its stake in shares of Wells Fargo & Company (NYSE:WFC) by 33.6% in the second quarter, HoldingsChannel.com reports. The fund owned 5,789 shares of the financial services provider’s stock after acquiring an additional 1,457 shares during the quarter. Novare Capital Management LLC’s holdings in Wells Fargo & Company were worth $464,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WFC. CBIZ Investment Advisory Services LLC lifted its stake 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 purchasing an additional 322 shares during the last quarter. McElhenny Sheffield Capital Management LLC purchased a new position in shares of Wells Fargo & Company during the 2nd quarter valued at about $27,000. Motco lifted its position in Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after buying an additional 326 shares during the last quarter. Accent Capital Management LLC purchased a new stake in Wells Fargo & Company in the first quarter worth approximately $29,000. Finally, 1248 Management LLC purchased a new stake in Wells Fargo & Company in the first quarter worth approximately $31,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

WFC has been the topic of several research reports. Piper Sandler reissued an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Truist Financial increased their target price on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday. TD Cowen boosted their price target on shares of Wells Fargo & Company from $90.00 to $93.00 and gave the stock a “hold” rating in a research note on Wednesday. UBS Group reduced their price objective on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday, October 7th. Finally, The Goldman Sachs Group decreased their price objective on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a report on Wednesday, July 16th. Ten research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $89.57.

Wells Fargo & Company Price Performance

WFC stock opened at $83.25 on Friday. The firm’s 50-day moving average price is $81.21 and its two-hundred day moving average price is $76.93. Wells Fargo & Company has a 12-month low of $58.42 and a 12-month high of $87.47. The stock has a market capitalization of $266.70 billion, a price-to-earnings ratio of 13.69, a PEG ratio of 1.15 and a beta of 1.25. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were issued a $0.45 dividend. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.2%. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.61%.

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.