42,303 Wells Fargo & Company $WFC Shares Purchased by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. boosted its stake in shares of Wells Fargo & Company (NYSE:WFC) by 8.4% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 543,067 shares of the financial services provider’s stock after buying an additional 42,303 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Wells Fargo & Company were worth $43,706,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Bryn Mawr Trust Advisors LLC bought a new position in Wells Fargo & Company in the 2nd quarter valued at $658,000. WINTON GROUP Ltd bought a new stake in shares of Wells Fargo & Company during the second quarter worth $16,259,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Wells Fargo & Company during the second quarter worth $1,116,000. Citizens Financial Group Inc. RI purchased a new stake in shares of Wells Fargo & Company during the second quarter valued at $25,922,000. Finally, Whalen Wealth Management Inc. purchased a new stake in shares of Wells Fargo & Company during the second quarter valued at $1,190,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Trading Down 0.5%

Shares of NYSE WFC opened at $85.50 on Wednesday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.14. The business has a fifty day simple moving average of $84.38 and a two-hundred day simple moving average of $83.64. The firm has a market cap of $256.66 billion, a PE ratio of 12.06, a price-to-earnings-growth ratio of 0.92 and a beta of 0.93. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, October 13th. The financial services provider reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.02. Wells Fargo & Company had a return on equity of 14.05% and a net margin of 17.64%. The business had revenue of $21.87 billion during the quarter, compared to analysts’ expectations of $22.30 billion. During the same period in the prior year, the business earned $1.66 EPS. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. Analysts expect that Wells Fargo & Company will post 7.27 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 6th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Friday, November 6th. Wells Fargo & Company’s payout ratio is presently 28.21%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on WFC shares. TD Cowen initiated coverage on shares of Wells Fargo & Company in a report on Thursday, October 8th. They issued a “buy” rating and a $95.00 price target on the stock. Truist Financial lifted their price objective on shares of Wells Fargo & Company from $94.00 to $95.00 and gave the company a “buy” rating in a report on Thursday, October 1st. UBS Group lowered their price objective on shares of Wells Fargo & Company from $104.00 to $102.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Bank of America upped their target price on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Thursday, October 15th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company has an average rating of “Moderate Buy” and an average target price of $98.11.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified financial services company that provides banking, lending, investment, and financial management services to individuals, businesses, and institutions. Its offerings include deposit accounts, residential and commercial lending, credit cards, payments, treasury management, and other banking products.

The company also provides wealth and investment management services, including financial planning, brokerage, advisory, and private banking solutions.