BTC Capital Management Inc. Raises Position in Wells Fargo & Company $WFC

BTC Capital Management Inc. boosted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 88.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 290,907 shares of the financial services provider’s stock after buying an additional 136,384 shares during the period. Wells Fargo & Company makes up about 1.7% of BTC Capital Management Inc.’s holdings, making the stock its 15th largest holding. BTC Capital Management Inc.’s holdings in Wells Fargo & Company were worth $24,384,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Hidden Cove Wealth Management LLC grew its holdings in shares of Wells Fargo & Company by 2.0% during the third quarter. Hidden Cove Wealth Management LLC now owns 5,948 shares of the financial services provider’s stock worth $499,000 after purchasing an additional 119 shares in the last quarter. Zullo Investment Group Inc. increased its position in shares of Wells Fargo & Company by 2.0% in the third quarter. Zullo Investment Group Inc. now owns 6,340 shares of the financial services provider’s stock worth $532,000 after purchasing an additional 122 shares during the last quarter. Embree Financial Group raised its stake in Wells Fargo & Company by 3.9% in the third quarter. Embree Financial Group now owns 3,330 shares of the financial services provider’s stock valued at $279,000 after purchasing an additional 126 shares in the last quarter. Trust Co. of Vermont lifted its position in Wells Fargo & Company by 1.1% during the third quarter. Trust Co. of Vermont now owns 12,098 shares of the financial services provider’s stock valued at $1,014,000 after purchasing an additional 126 shares during the last quarter. Finally, Traphagen Investment Advisors LLC lifted its position in Wells Fargo & Company by 2.0% during the third quarter. Traphagen Investment Advisors LLC now owns 6,346 shares of the financial services provider’s stock valued at $532,000 after purchasing an additional 127 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $86.94 on Friday. The company has a 50-day simple moving average of $91.80 and a two-hundred day simple moving average of $85.88. The company has a quick ratio of 0.84, a current ratio of 0.90 and a debt-to-equity ratio of 1.05. Wells Fargo & Company has a 12-month low of $58.42 and a 12-month high of $97.76. The firm has a market cap of $272.92 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 0.95 and a beta of 1.09.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Wednesday, January 14th. The financial services provider reported $1.76 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.10. The company had revenue of $11.97 billion during the quarter, compared to analyst estimates of $21.63 billion. Wells Fargo & Company had a return on equity of 12.90% and a net margin of 17.27%.Wells Fargo & Company’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.43 EPS. On average, equities analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Friday, February 6th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, February 6th. Wells Fargo & Company’s dividend payout ratio is 28.71%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WFC. Truist Financial lowered their price objective on shares of Wells Fargo & Company from $104.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, January 15th. Keefe, Bruyette & Woods increased their target price on Wells Fargo & Company from $92.00 to $101.00 and gave the company a “market perform” rating in a research note on Wednesday, December 17th. Robert W. Baird upgraded Wells Fargo & Company from an “underperform” rating to a “neutral” rating and set a $85.00 price target on the stock in a research report on Friday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Wednesday, January 21st. Finally, Dbs Bank upgraded Wells Fargo & Company to a “moderate buy” rating in a research report on Tuesday, October 21st. Thirteen analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $97.03.

About Wells Fargo & Company

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.