Resona Asset Management Co. Ltd. Purchases 48,882 Shares of Wells Fargo & Company $WFC

Resona Asset Management Co. Ltd. increased its position in shares of Wells Fargo & Company (NYSE:WFC) by 4.7% during the 2nd quarter, Holdings Channel reports. The fund owned 1,099,388 shares of the financial services provider’s stock after buying an additional 48,882 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Wells Fargo & Company were worth $87,981,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. Atlantic Union Bankshares Corp lifted its stake in Wells Fargo & Company by 5.6% in the second quarter. Atlantic Union Bankshares Corp now owns 188,698 shares of the financial services provider’s stock valued at $15,118,000 after buying an additional 9,956 shares in the last quarter. SP Asset Management LLC lifted its stake in Wells Fargo & Company by 0.6% in the second quarter. SP Asset Management LLC now owns 273,798 shares of the financial services provider’s stock valued at $21,937,000 after buying an additional 1,543 shares in the last quarter. Convergence Financial LLC lifted its stake in Wells Fargo & Company by 8.0% in the second quarter. Convergence Financial LLC now owns 3,636 shares of the financial services provider’s stock valued at $291,000 after buying an additional 268 shares in the last quarter. Moors & Cabot Inc. lifted its stake in Wells Fargo & Company by 10.0% in the second quarter. Moors & Cabot Inc. now owns 53,617 shares of the financial services provider’s stock valued at $4,296,000 after buying an additional 4,854 shares in the last quarter. Finally, Equity Investment Corp lifted its stake in Wells Fargo & Company by 2.6% in the second quarter. Equity Investment Corp now owns 1,964,820 shares of the financial services provider’s stock valued at $157,421,000 after buying an additional 49,953 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

WFC has been the topic of a number of research reports. TD Cowen lifted their price target on shares of Wells Fargo & Company from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Wednesday, October 15th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Saturday, October 4th. Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $95.00 to $97.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 15th. Cfra Research raised shares of Wells Fargo & Company to a “moderate buy” rating in a research note on Wednesday, October 15th. Finally, Barclays boosted their price objective on shares of Wells Fargo & Company from $87.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. Eleven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average price target of $89.57.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $86.96 on Thursday. The company’s fifty day simple moving average is $83.09 and its 200-day simple moving average is $79.06. 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 firm has a market cap of $278.57 billion, a PE ratio of 14.30, a P/E/G ratio of 1.18 and a beta of 1.22. Wells Fargo & Company has a 12 month low of $58.42 and a 12 month high of $88.50.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.11. The business had revenue of $21.44 billion for the quarter, compared to analyst estimates of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.42 earnings per share. Equities research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 7th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Friday, November 7th. Wells Fargo & Company’s payout ratio is presently 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.