Princeton Capital Management LLC Purchases New Stake in Wells Fargo & Company $WFC

Princeton Capital Management LLC purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 3,378 shares of the financial services provider’s stock, valued at approximately $271,000.

A number of other hedge funds have also recently made changes to their positions in WFC. Savant Capital LLC lifted its position in Wells Fargo & Company by 3.0% in the 2nd quarter. Savant Capital LLC now owns 103,466 shares of the financial services provider’s stock valued at $8,290,000 after acquiring an additional 2,990 shares in the last quarter. Texas Yale Capital Corp. purchased a new stake in shares of Wells Fargo & Company in the second quarter worth approximately $207,000. OneAscent Wealth Management LLC raised its stake in shares of Wells Fargo & Company by 3.2% in the second quarter. OneAscent Wealth Management LLC now owns 7,657 shares of the financial services provider’s stock worth $613,000 after purchasing an additional 234 shares during the last quarter. Modera Wealth Management LLC boosted its position in shares of Wells Fargo & Company by 3.4% during the second quarter. Modera Wealth Management LLC now owns 21,825 shares of the financial services provider’s stock valued at $1,749,000 after buying an additional 715 shares during the last quarter. Finally, Twin Capital Management Inc. grew its holdings in Wells Fargo & Company by 1.1% during the second quarter. Twin Capital Management Inc. now owns 80,148 shares of the financial services provider’s stock worth $6,421,000 after buying an additional 904 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have issued reports on WFC. Barclays lifted their price objective on shares of Wells Fargo & Company from $87.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Weiss Ratings upgraded shares of Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, October 8th. Bank of America lifted their target price on shares of Wells Fargo & Company from $92.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, October 15th. The Goldman Sachs Group reduced their target price on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a report on Wednesday, July 16th. Finally, Phillip Securities downgraded Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Eleven equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.57.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $86.06 on Friday. Wells Fargo & Company has a 1 year low of $58.42 and a 1 year high of $88.50. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84. The stock’s fifty day moving average price is $83.17 and its two-hundred day moving average price is $79.11. The firm has a market cap of $275.69 billion, a PE ratio of 14.15, a PEG ratio of 1.18 and a beta of 1.22.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 EPS for the quarter, beating the consensus estimate of $1.55 by $0.11. The business had revenue of $21.44 billion for the quarter, compared to the consensus estimate of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The company’s revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.42 earnings per share. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 7th will be paid a $0.45 dividend. 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 currently 29.61%.

About Wells Fargo & Company

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.