Wells Fargo & Company $WFC Shares Acquired by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. lifted its holdings in Wells Fargo & Company (NYSE:WFC) by 74.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 126,043 shares of the financial services provider’s stock after purchasing an additional 53,630 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Wells Fargo & Company were worth $10,565,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Hilton Capital Management LLC purchased a new position in shares of Wells Fargo & Company during the second quarter worth $3,656,000. Three Bridge Wealth Advisors LLC acquired a new position in Wells Fargo & Company during the 2nd quarter worth about $364,000. Board of the Pension Protection Fund purchased a new position in Wells Fargo & Company during the 2nd quarter valued at about $40,000. Arkadios Wealth Advisors grew its position in Wells Fargo & Company by 65.2% in the 3rd quarter. Arkadios Wealth Advisors now owns 43,622 shares of the financial services provider’s stock valued at $3,656,000 after acquiring an additional 17,223 shares in the last quarter. Finally, Synergy Asset Management LLC acquired a new position in Wells Fargo & Company in the 3rd quarter valued at about $10,729,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on WFC. Morgan Stanley increased their price target on shares of Wells Fargo & Company from $95.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 15th. Cfra Research upgraded shares of Wells Fargo & Company to a “moderate buy” rating in a report on Wednesday, October 15th. CICC Research initiated coverage on shares of Wells Fargo & Company in a research report on Wednesday, January 14th. They issued a “market perform” rating and a $96.00 price target for the company. Truist Financial dropped their price target on shares of Wells Fargo & Company from $104.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, January 15th. Finally, Freedom Capital cut Wells Fargo & Company from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 15th. Thirteen equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Wells Fargo & Company has an average rating of “Moderate Buy” and an average price target of $94.87.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $87.00 on Friday. Wells Fargo & Company has a 12 month low of $58.42 and a 12 month high of $97.76. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.90 and a quick ratio of 0.84. The firm has a market capitalization of $273.11 billion, a P/E ratio of 13.88, a P/E/G ratio of 0.95 and a beta of 1.09. The company’s fifty day moving average price is $90.33 and its 200 day moving average price is $84.97.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Wednesday, January 14th. The financial services provider reported $1.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.10. The firm had revenue of $11.97 billion for the quarter, compared to the consensus estimate of $21.63 billion. Wells Fargo & Company had a return on equity of 12.90% and a net margin of 17.27%.The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.43 EPS. As a group, sell-side analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 7th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, November 7th. Wells Fargo & Company’s dividend payout ratio is presently 28.71%.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.