Toroso Investments LLC Grows Holdings in Wells Fargo & Company (NYSE:WFC)

Posted by Defense World Staff on Sep 16th, 2023

Toroso Investments LLC increased its position in Wells Fargo & Company (NYSE:WFC) by 5.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,300 shares of the financial services provider’s stock after acquiring an additional 3,546 shares during the quarter. Toroso Investments LLC’s holdings in Wells Fargo & Company were worth $2,366,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WFC. Barrett & Company Inc. purchased a new stake in Wells Fargo & Company during the 1st quarter valued at approximately $25,000. Silicon Valley Capital Partners purchased a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $26,000. Studio Investment Management LLC purchased a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $28,000. Strategic Investment Solutions Inc. IL purchased a new stake in Wells Fargo & Company during the 1st quarter valued at approximately $28,000. Finally, Activest Wealth Management purchased a new stake in Wells Fargo & Company during the 1st quarter valued at approximately $30,000. 72.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on WFC shares. BMO Capital Markets cut their price objective on shares of Wells Fargo & Company from $54.00 to $51.00 in a report on Monday, July 17th. StockNews.com assumed coverage on shares of Wells Fargo & Company in a report on Thursday, August 17th. They issued a “hold” rating for the company. HSBC assumed coverage on shares of Wells Fargo & Company in a report on Thursday, September 7th. They issued a “hold” rating and a $45.00 target price for the company. Wolfe Research lowered shares of Wells Fargo & Company from an “outperform” rating to a “peer perform” rating in a report on Friday, July 7th. Finally, Citigroup raised their target price on shares of Wells Fargo & Company from $50.00 to $52.00 in a report on Sunday, July 16th. Nine analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and an average target price of $48.39.

Read Our Latest Report on WFC

Wells Fargo & Company Stock Down 0.2 %

NYSE:WFC opened at $42.95 on Friday. Wells Fargo & Company has a twelve month low of $35.25 and a twelve month high of $48.84. The company has a market cap of $157.14 billion, a price-to-earnings ratio of 10.74, a price-to-earnings-growth ratio of 0.86 and a beta of 1.14. The stock has a fifty day simple moving average of $43.42 and a 200-day simple moving average of $41.52. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.05.

Wells Fargo & Company (NYSE:WFC – Get Free Report) last released its earnings results on Friday, July 14th. The financial services provider reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.09. Wells Fargo & Company had a return on equity of 11.15% and a net margin of 16.18%. The business had revenue of $20.53 billion during the quarter, compared to the consensus estimate of $20.11 billion. During the same period last year, the company earned $0.74 earnings per share. The business’s revenue for the quarter was up 20.5% compared to the same quarter last year. Analysts anticipate that Wells Fargo & Company will post 4.84 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 4th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 3.26%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Thursday, August 3rd. Wells Fargo & Company’s dividend payout ratio (DPR) is 35.00%.

Wells Fargo & Company Company Profile

(Free Report)

Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.