Uptick Partners LLC Takes $842,000 Position in Wells Fargo & Company $WFC

Uptick Partners LLC purchased a new position in Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,185 shares of the financial services provider’s stock, valued at approximately $842,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Norges Bank purchased a new position in Wells Fargo & Company during the 4th quarter valued at $4,512,563,000. Bank of New York Mellon Corp bought a new position in Wells Fargo & Company in the 2nd quarter valued at $1,364,923,000. Deutsche Bank AG purchased a new stake in Wells Fargo & Company in the second quarter worth $859,431,000. Pzena Investment Management LLC purchased a new stake in Wells Fargo & Company in the second quarter worth $729,502,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Wells Fargo & Company during the second quarter worth $620,861,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Down 0.0%

Shares of NYSE WFC opened at $83.83 on Monday. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76. The firm has a market cap of $253.50 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 0.91 and a beta of 0.92. The business has a fifty day simple moving average of $86.08 and a two-hundred day simple moving average of $82.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) 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 the consensus estimate of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The business’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.60 EPS. Analysts expect that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.4%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 7th. Wells Fargo & Company’s payout ratio is currently 29.07%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. JPMorgan Chase & Co. raised their price target on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Truist Financial lifted their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a report on Friday, June 26th. Keefe, Bruyette & Woods lowered their price objective on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a research report on Wednesday, July 15th. Finally, 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. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus price target of $98.61.

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.