Foundations Investment Advisors LLC Sells 8,742 Wells Fargo & Company (NYSE:WFC) Shares

VaselineSeptember 6, 2024

0 4 minutes read

Foundations Investment Advisors LLC lessened its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 30.1% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,304 shares of the financial services provider’s stock after selling 8,742 shares during the quarter. Foundations Investment Advisors LLC’s holdings in Wells Fargo & Company were worth $1,206,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in WFC. Core Wealth Advisors Inc. acquired a new position in Wells Fargo & Company during the fourth quarter valued at $25,000. Transcendent Capital Group LLC bought a new position in shares of Wells Fargo & Company in the fourth quarter valued at about $32,000. Atlantic Edge Private Wealth Management LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $34,000. Beaird Harris Wealth Management LLC bought a new position in shares of Wells Fargo & Company in the 4th quarter valued at approximately $34,000. Finally, VisionPoint Advisory Group LLC increased its holdings in Wells Fargo & Company by 180.4% in the 4th quarter. VisionPoint Advisory Group LLC now owns 715 shares of the financial services provider’s stock worth $35,000 after acquired an additional 460 shares in the last quarter. Institutional investors own 75.90% of the company’s shares.

Analysts on Wall Street are forecasting an increase

Several equities analysts have weighed in on WFC shares. Keefe, Bruyette & Woods cut their price target on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a report on Monday, July 15th . Morgan Stanley raised their target price on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Jefferies Financial Group downgraded shares of Wells Fargo & Company to a “hold” rating and dropped their target price for the stock from $62.00 to $59.00 in a report on Friday, August 16th. Deutsche Bank Aktiengesellschaft raised Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a report on Tuesday. Finally, BMO Capital Markets upped their price objective on Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research note on Thursday , July 11. Twelve equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $60.41, according to MarketBeat.com.

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Wells Fargo & Company trading down 2.2%

Shares of WFC stock opened at $56.86 on Friday. The firm has a market cap of $198.23 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 1.43 and a beta of 1.17. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86, and a quick ratio of 0.85. Wells Fargo & Company has a 1 year low of $38.38 and a 1 year high of $62.55. The company has a 50-day moving average of $57.42 and a 200-day moving average of $57.87.

Wells Fargo & Company (NYSE:WFC – Get Your Free Report ) last posted its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.04. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The firm had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $20.29 billion. In the same quarter last year, the company posted earnings of $1.25 per share. The company’s revenue rose 0.8% year-over-year. On average, research analysts expect that Wells Fargo & Company will post 5.15 EPS for the current year.

Wells Fargo & Company raised its dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were given a dividend of $0.40 per share. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, August 9. This represents a dividend of $1.60 on an annualized basis and a dividend yield of 2.81%. Wells Fargo & Company’s dividend payout ratio is currently 32.85%.

Wells Fargo & Company Profile

(Free report)

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