September 25, 2023
FDx Advisors Inc. Reduces Holdings in Wells Fargo & Company
In the second quarter of this year, FDx Advisors Inc. announced a decrease in its holdings in Wells Fargo & Company, according to the company’s recent 13F filing with the Securities and Exchange Commission. The financial services provider sold 2,663 shares during the quarter, resulting in a 4.5% reduction of its overall holdings. As of its most recent SEC filing, FDx Advisors Inc.’s remaining holdings in Wells Fargo & Company were valued at $2,386,000.
Wells Fargo & Company (NYSE:WFC) recently reported its earnings results for the quarter ending on July 14th. The financial services provider exceeded expectations by announcing $1.25 earnings per share (EPS) for the quarter, surpassing the consensus estimate of $1.16 EPS by $0.09. Additionally, revenue for the quarter stood at $20.53 billion compared to analysts’ expectations of $20.11 billion.
The company’s return on equity was reported as 11.15%, while it boasted a net margin of 16.18%. These figures indicate a positive performance for Wells Fargo & Company during this period. Furthermore, the firm experienced a significant increase in quarterly revenue of 20.5% when compared to the same quarter last year.
Notably, during the same quarter in the previous fiscal year, Wells Fargo & Company earned $0.74 earnings per share. Based on these recent developments and historical data, sell-side analysts predict that Wells Fargo & Company will achieve approximately 4.84 earnings per share for this current fiscal year.
Investors and industry observers are closely monitoring these numbers as they analyze their investment decisions regarding Wells Fargo & Company stocks and assets.
To stay informed about developments within Wells Fargo & Company and potential impacts on stock values and investment strategies, interested individuals can access our latest stock report on Wells Fargo & Company. This report provides valuable insights and detailed analysis that can aid in making informed financial decisions.
As the global financial landscape evolves, it is crucial for investors to stay up-to-date on relevant information regarding companies of interest. By diligently monitoring and analyzing data such as earnings reports and changes in holdings, investors can make more informed decisions that align with their investment goals and risk tolerance levels.
Disclaimer: The information presented in this article is based on publicly available data and is for informational purposes only. It should not be considered as financial, investment, or professional advice. Individuals are encouraged to conduct thorough research and consult with a qualified financial advisor before making any investment decisions.
IQVIA Holdings Inc.
Updated on: 07/12/2023
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
We did not find social sentiment data for this stock
|Analyst / firm||Rating|
Elizabeth Anderson CFA
Derik De Bruin
Bank of America Securities
Analysis and Outlook of Wells Fargo & Company: Recent Developments and Analyst Ratings
In recent months, there have been several notable changes in hedge funds’ positions regarding Wells Fargo & Company. Barrett & Company Inc., Silicon Valley Capital Partners, Studio Investment Management LLC, Strategic Investment Solutions Inc. IL, and Activest Wealth Management have all acquired new positions in the company during various quarters. These acquisitions range from $25,000 to $30,000 in value. It is worth mentioning that institutional investors and hedge funds currently own a significant portion of the company’s stock, accounting for 72.47% of ownership.
As of Monday’s opening value on September 25, 2023, WFC stock was priced at $41.23. The company’s 50-day simple moving average stands at $43.37, while its 200-day simple moving average is slightly lower at $41.32. With a market capitalization of $150.85 billion, a P/E ratio of 10.31, and a PEG ratio of 0.83, Wells Fargo & Company maintains a stable position within the market. Additionally, it carries a beta rating of 1.14.
Wells Fargo & Company has experienced fluctuations in its stock value over the past year as demonstrated by its fifty-two week low of $35.25 and high of $48.84. The company’s liquidity is further indicated by a quick ratio of 0.83 and current ratio of 0.84, highlighting its ability to meet short-term financial obligations successfully. Moreover, demonstrating its responsible financial management practices is the debt-to-equity ratio which stands at a moderate level of 1:05.
The company recently announced an increase in its quarterly dividend which was paid out on Friday, September 1st to investors who were on record as of Friday, August 4th . Shareholders received a dividend payment amounting to $0.35 per share on this date while the ex-dividend date coincided with Thursday, August 3rd. This represents a significant boost from Wells Fargo & Company’s previous quarterly dividend of $0.30 per share. The annualized dividend amounts to $1.40, offering investors an attractive yield of 3.40%. Currently, the company boasts a dividend payout ratio (DPR) of 35.00%.
Recent reports issued by various research firms shed light on the performance and potential growth of Wells Fargo & Company. Raymond James, for example, revised their price target from $48.00 to $51.00 and gave the company a “strong-buy” recommendation in their July 3rd research report. Similarly, Citigroup raised their price target to $52.00 from the original projection of $50.00 in their report released on Sunday, July 16th.
Morgan Stanley also weighed in on Wells Fargo & Company’s prospects by increasing their price objective from $49:;00 to $52.00 while labeling the stock as “overweight” in their analysis published on Tuesday, August 1st.
Further attesting to the positive outlook for Wells Fargo & Company is Atlantic Securities which elevated its price objective from $50:;00 to an even higher estimate of $52:;50, giving the stock an “overweight” rating in its research note issued on Tuesday , August 1st.
Adding another perspective is StockNews.com who initiated coverage on Wells Fargo & Company while suggesting a “hold” rating for the companyin their research note made public on Thursday , August 17th.
To summarize, among analysts’ ratings for this stock,Wells Fargo &Company boasts nine hold ratings,eight buy ratings while it has garnered one strong buy rating as evidenced by Bloomberg.com data.
Based on this data available as of September 25th ,2023,this financial institution maintainsan average rating typically known as ‘Moderate Buy’ with an average price target of $48.02.
These recent developments and analyses provide insight into the state of Wells Fargo & Company, offering investors guidance in their decision-making processes. As always, it is crucial for investors to conduct further due diligence and consider individual financial goals before making any investment decisions involving this company.