Commerce Bank Takes $34.55 Million Position in Wells Fargo & Company $WFC

Commerce Bank acquired a new stake in Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 418,069 shares of the financial services provider’s stock, valued at approximately $34,549,000.

Other hedge funds also recently added to or reduced their stakes in the company. Godfrey Financial Associates Inc. purchased a new position in Wells Fargo & Company during the 4th quarter valued at about $25,000. Miller Capital Partners Inc. purchased a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $25,000. Navalign LLC purchased a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $26,000. Joseph Group Capital Management bought a new position in shares of Wells Fargo & Company during the fourth quarter valued at approximately $28,000. Finally, Phillip James Consulting Co. bought a new position in shares of Wells Fargo & Company during the first quarter valued at approximately $28,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 0.1%

NYSE WFC opened at $84.82 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. The firm has a market cap of $256.51 billion, a PE ratio of 12.33, a price-to-earnings-growth ratio of 0.92 and a beta of 0.92. The company has a 50 day moving average price of $86.11 and a 200 day moving average price of $82.79. Wells Fargo & Company has a 52 week low of $72.78 and a 52 week high of $97.76.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.23. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The company had revenue of $22.62 billion during the quarter, compared to analysts’ expectations of $21.86 billion. During the same quarter in the prior year, the company posted $1.60 earnings per share. Wells Fargo & Company’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced 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 is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.4%. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.07%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on WFC shares. Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Morgan Stanley lifted their price target on Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Keefe, Bruyette & Woods decreased their price objective on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a research note on Wednesday, July 15th. Finally, Truist Financial upped their price objective on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $98.61.

Wells Fargo & Company 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.