Pin Oak Investment Advisors Inc. Takes Position in Wells Fargo & Company $WFC

Pin Oak Investment Advisors Inc. bought a new stake in Wells Fargo & Company (NYSE:WFC) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 8,976 shares of the financial services provider’s stock, valued at approximately $742,000.

Several other hedge funds have also recently added to or reduced their stakes in WFC. 49 Wealth Management LLC bought a new position in Wells Fargo & Company during the second quarter worth about $320,000. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in Wells Fargo & Company during the second quarter valued at approximately $4,489,000. Rakuten Investment Management Inc. bought a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at approximately $41,819,000. Denver PWM LLC bought a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at approximately $345,000. Finally, Orion Capital Management LLC acquired a new position in shares of Wells Fargo & Company in the 2nd quarter worth approximately $237,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Key Wells Fargo & Company News

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo is reportedly seeking to recruit hundreds of independent financial advisers, expanding its Wealth & Investment Management division and targeting affluent and high-net-worth clients. The initiative builds on a multiyear overhaul and could support fee-based revenue, asset growth and deeper customer relationships. WFC Broadens Wealth Focus: Can Its Multi-Year Revamp Drive Growth?
• Positive Sentiment: The wealth-management push follows an approximately $1.5 billion revamp and emphasizes independent advisers who can use Wells Fargo’s platform and infrastructure. Successful hiring and retention could improve the division’s long-term growth prospects, although benefits will take time to materialize. Wells Fargo Steps Up Wealth Hiring After $1.5 Billion Revamp
• Neutral Sentiment: Analysts collectively maintain a “Moderate Buy” recommendation for Wells Fargo. The rating indicates generally constructive sentiment, but it does not represent a new earnings forecast or a clearly identifiable catalyst. Wells Fargo Given Average Recommendation of Moderate Buy by Analysts
• Neutral Sentiment: A market-focused report noted that WFC advanced even as the broader market declined, suggesting relative investor support. The article did not identify a major new earnings announcement, guidance change or regulatory development behind the move. Wells Fargo Gains As Market Dips: What You Should Know

Analyst Ratings Changes

Several equities analysts recently commented on WFC shares. Truist Financial raised their target price on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Keefe, Bruyette & Woods cut their price objective on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. Two 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, Wells Fargo & Company has a consensus rating of “Moderate Buy” and a consensus price target of $98.61.

Wells Fargo & Company Stock Up 1.9%

NYSE WFC opened at $86.62 on Friday. The firm has a market cap of $261.94 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 0.92 and a beta of 0.92. Wells Fargo & Company has a one year low of $72.78 and a one year high of $97.76. The stock’s 50 day simple moving average is $86.27 and its 200 day simple moving average is $82.71. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.23. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The firm had revenue of $22.62 billion during the quarter, compared to analysts’ expectations of $21.86 billion. During the same period last year, the firm posted $1.60 EPS. The business’s revenue was up 8.6% on a year-over-year basis. As a group, sell-side analysts forecast 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 announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders 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 dividend yield of 2.3%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, August 7th. Wells Fargo & Company’s dividend payout ratio is 29.07%.

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.