M&R Capital Management Inc. Raises Stock Position in Wells Fargo & Company (NYSE:WFC)

M&R Capital Management Inc. grew its stake in Wells Fargo & Company (NYSE:WFC) by 26.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,006 shares of the financial services provider’s stock after purchasing an additional 1,044 shares during the quarter. M&R Capital Management Inc.’s holdings in Wells Fargo & Company were worth $283,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Slagle Financial LLC lifted its holdings in Wells Fargo & Company by 97.3% in the fourth quarter. Slagle Financial LLC now owns 138,594 shares of the financial services provider’s stock worth $6,822,000 after buying an additional 68,356 shares during the period. Ballentine Partners LLC lifted its stake in shares of Wells Fargo & Company by 5.4% in the 1st quarter. Ballentine Partners LLC now owns 35,785 shares of the financial services provider’s stock valued at $2,074,000 after purchasing an additional 1,835 shares during the period. Wedmont Private Capital boosted its position in shares of Wells Fargo & Company by 16.4% during the first quarter. Wedmont Private Capital now owns 152,910 shares of the financial services provider’s stock valued at $8,805,000 after purchasing an additional 21,496 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Wells Fargo & Company by 28.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 473,444 shares of the financial services provider’s stock worth $27,441,000 after purchasing an additional 106,260 shares during the period. Finally, FORVIS Wealth Advisors LLC raised its holdings in Wells Fargo & Company by 154.2% in the first quarter. FORVIS Wealth Advisors LLC now owns 27,222 shares of the financial services provider’s stock worth $1,578,000 after purchasing an additional 16,515 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Down 0.2 %

Shares of WFC stock opened at $55.30 on Thursday. Wells Fargo & Company has a 1-year low of $38.38 and a 1-year high of $62.55. The company has a market cap of $192.79 billion, a price-to-earnings ratio of 11.36, a PEG ratio of 1.32 and a beta of 1.16. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a 50 day simple moving average of $55.52 and a 200-day simple moving average of $57.78.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.04. The company had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $20.29 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. Wells Fargo & Company’s revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.25 EPS. On average, equities research analysts expect that Wells Fargo & Company will post 5.14 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were issued a dividend of $0.40 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend was Friday, August 9th. Wells Fargo & Company’s payout ratio is currently 32.85%.

Wall Street Analysts Forecast Growth

WFC has been the topic of a number of research reports. The Goldman Sachs Group dropped their target price on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a report on Tuesday, September 3rd. Morgan Stanley decreased their target price on shares of Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research note on Monday. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and dropped their price target for the stock from $62.00 to $59.00 in a research report on Friday, August 16th. Finally, Evercore ISI raised their price objective on Wells Fargo & Company from $65.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday. Twelve analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $60.41.

Wells Fargo & Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.