Moore Capital Management LP Buys Shares of 154,200 Wells Fargo & Company $WFC

Moore Capital Management LP bought a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 154,200 shares of the financial services provider’s stock, valued at approximately $12,743,000.

Other hedge funds have also made changes to their positions in the company. Nixon Peabody Trust Co. boosted its stake in Wells Fargo & Company by 3.6% during the 4th quarter. Nixon Peabody Trust Co. now owns 3,351 shares of the financial services provider’s stock valued at $312,000 after acquiring an additional 115 shares during the last quarter. MFA Wealth Services grew its stake in Wells Fargo & Company by 0.7% in the second quarter. MFA Wealth Services now owns 16,712 shares of the financial services provider’s stock worth $1,381,000 after purchasing an additional 115 shares in the last quarter. Simmons Bank grew its stake in Wells Fargo & Company by 1.9% in the fourth quarter. Simmons Bank now owns 6,359 shares of the financial services provider’s stock worth $593,000 after purchasing an additional 116 shares in the last quarter. Wood Tarver Financial Group LLC raised its stake in Wells Fargo & Company by 1.6% during the fourth quarter. Wood Tarver Financial Group LLC now owns 7,754 shares of the financial services provider’s stock valued at $722,000 after buying an additional 120 shares in the last quarter. Finally, Hidden Cove Wealth Management LLC raised its stake in Wells Fargo & Company by 1.8% during the second quarter. Hidden Cove Wealth Management LLC now owns 6,846 shares of the financial services provider’s stock valued at $566,000 after buying an additional 124 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. JPMorgan Chase & Co. lifted their target price on Wells Fargo & Company from $93.50 to $95.50 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Weiss Ratings restated a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Truist Financial lifted their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, June 26th. Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Finally, Robert W. Baird lifted their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $98.61.

More 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

Wells Fargo & Company Price Performance

Shares of WFC opened at $86.62 on Monday. Wells Fargo & Company has a 12 month low of $72.78 and a 12 month high of $97.76. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a fifty day moving average price of $86.27 and a 200 day moving average price of $82.63. The company has a market cap of $261.94 billion, a P/E ratio of 12.59, a PEG ratio of 0.94 and a beta of 0.92.

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

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be given a $0.50 dividend. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.3%. Wells Fargo & Company’s payout ratio is currently 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.