PCM Encore LLC Invests $1.12 Million in Wells Fargo & Company $WFC

PCM Encore LLC purchased a new position in Wells Fargo & Company (NYSE:WFC) in the second quarter, HoldingsChannel reports. The fund purchased 13,540 shares of the financial services provider’s stock, valued at approximately $1,119,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $4,512,563,000. Bank of New York Mellon Corp bought a new position in shares of Wells Fargo & Company during the second quarter worth about $1,364,923,000. Deutsche Bank AG bought a new position in shares of Wells Fargo & Company during the second quarter worth about $859,431,000. Pzena Investment Management LLC acquired a new position in Wells Fargo & Company in the second quarter worth about $729,502,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Wells Fargo & Company in the second quarter worth about $620,861,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $84.70 on Tuesday. The firm has a fifty day moving average of $86.11 and a 200-day moving average of $82.85. The company has a market cap of $256.13 billion, a price-to-earnings ratio of 12.31, a price-to-earnings-growth ratio of 0.91 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.23. The business had revenue of $22.62 billion for the quarter, compared to analysts’ expectations of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.60 EPS. As a group, equities analysts anticipate that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a $0.50 dividend. The ex-dividend date is Friday, August 7th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.07%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Morgan Stanley upped their price objective on Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Truist Financial lifted their target price on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Robert W. Baird upped their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Finally, UBS Group reduced their price objective on Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $98.61.

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.