ProShare Advisors LLC Boosts Stock Position in Wells Fargo & Company (NYSE:WFC)

ProShare Advisors LLC boosted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 1.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 723,733 shares of the financial services provider’s stock after purchasing an additional 7,748 shares during the period. ProShare Advisors LLC’s holdings in Wells Fargo & Company were worth $42,983,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of WFC. Hancock Whitney Corp increased its stake in shares of Wells Fargo & Company by 776.7% during the second quarter. Hancock Whitney Corp now owns 91,264 shares of the financial services provider’s stock valued at $5,420,000 after buying an additional 80,854 shares during the period. Symmetry Investments LP bought a new stake in Wells Fargo & Company in the second quarter valued at $5,800,000. Legacy Financial Advisors Inc. increased its position in Wells Fargo & Company by 7.4% during the 2nd quarter. Legacy Financial Advisors Inc. now owns 15,227 shares of the financial services provider’s stock valued at $904,000 after purchasing an additional 1,049 shares during the period. Arista Wealth Management LLC bought a new position in Wells Fargo & Company in the 2nd quarter worth $252,000. Finally, Summit Trail Advisors LLC lifted its position in shares of Wells Fargo & Company by 36.0% in the 2nd quarter. Summit Trail Advisors LLC now owns 74,786 shares of the financial services provider’s stock worth $4,442,000 after purchasing an additional 19,790 shares during the period. Institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on WFC shares. BMO Capital Markets lifted their price objective on Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a research report on Thursday, July 11th. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research note on Tuesday, September 3rd. Evercore ISI lowered their price objective on Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating for the company in a research report on Friday, September 6th. Jefferies Financial Group downgraded shares of Wells Fargo & Company to a “hold” rating and reduced their target price for the stock from $62.00 to $59.00 in a research report on Friday, August 16th. Finally, Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Twelve investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Wells Fargo & Company presently has an average rating of “Hold” and an average price target of $60.29.

Wells Fargo & Company Stock Up 0.9 %

WFC stock opened at $56.29 on Monday. The stock has a market capitalization of $196.24 billion, a P/E ratio of 11.56, a P/E/G ratio of 1.27 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. Wells Fargo & Company has a 1-year low of $38.38 and a 1-year high of $62.55. The business has a fifty day moving average price of $56.19 and a 200-day moving average price of $57.90.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.04. The business had revenue of $20.69 billion for the quarter, compared to analysts’ expectations of $20.29 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The business’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.25 EPS. Equities analysts forecast that Wells Fargo & Company will post 5.14 earnings per share 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. Shareholders of record on Friday, August 9th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date was Friday, August 9th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s payout ratio is 32.85%.

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.