13,888 Shares in Wells Fargo & Company $WFC Purchased by Magnolia Capital Advisors LLC

Key Points

• Magnolia Capital Advisors initiated a Wells Fargo position by purchasing 13,888 shares worth approximately $1.15 million in the second quarter. Institutional investors collectively own 75.9% of the bank’s outstanding stock.
• Analysts maintain a generally positive outlook, with Wells Fargo carrying a consensus “Moderate Buy” rating and an average price target of $98.61.
• Wells Fargo exceeded quarterly expectations, reporting $1.96 in EPS and $22.62 billion in revenue, while raising its quarterly dividend from $0.45 to $0.50 per share.

Magnolia Capital Advisors LLC bought a new stake in Wells Fargo & Company (NYSE:WFC - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 13,888 shares of the financial services provider's stock, valued at approximately $1,148,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $4,512,563,000. Legal & General Group Plc purchased a new position in shares of Wells Fargo & Company during the second quarter worth $1,635,881,000. Bank of New York Mellon Corp purchased a new position in shares of Wells Fargo & Company during the second quarter worth $1,364,923,000. Deutsche Bank AG acquired a new position in Wells Fargo & Company during the second quarter valued at $859,431,000. Finally, Pzena Investment Management LLC acquired a new position in Wells Fargo & Company during the second quarter valued at $729,502,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Raymond James Financial reaffirmed a "market perform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. UBS Group decreased their price objective on Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating for the company in a report on Tuesday, July 7th. Robert W. Baird upped their target price on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 15th. Bank of America raised their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Wells Fargo & Company in a report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and an average target price of $98.61.

Wells Fargo & Company News Summary

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

• Positive Sentiment: Wells Fargo is stepping up efforts to recruit independent financial advisers after a reported $1.5 billion overhaul of its wealth-management business. Expanding the adviser network could increase assets under management, fee revenue and the division’s long-term growth prospects. Wells Fargo Makes New Push to Recruit Wealth Managers
• Positive Sentiment: A comparison with PNC Financial characterized WFC as offering a lower valuation and improving efficiency, supporting the view that the stock may have additional value potential despite PNC’s stronger growth and dividend yield. Wells Fargo vs. PNC Financial: Which Stock Offers Better Upside Now?
• Neutral Sentiment: The bank’s most recent quarterly results provide a supportive backdrop: earnings and revenue exceeded analyst expectations, with revenue rising year over year. However, the stock’s valuation and outlook remain sensitive to interest rates, loan growth and credit costs.
• Negative Sentiment: Wells Fargo is reportedly foreclosing on Workspace Property Trust’s $1.3 billion property portfolio after falling occupancy and asset values increased financial stress. Recovering collateral could limit losses, but the action underscores commercial real-estate exposure and potential pressure on credit quality. Wells Fargo Forecloses On $1.3B Workspace Property Trust Loan

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock opened at $85.00 on Friday. The firm has a market cap of $257.04 billion, a PE ratio of 12.35, a P/E/G ratio of 0.93 and a beta of 0.92. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. The business has a 50-day moving average price of $86.19 and a 200 day moving average price of $82.68.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping 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 company had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. During the same quarter in the prior year, the business posted $1.60 earnings per share. Wells Fargo & Company's revenue for the quarter was up 8.6% on a year-over-year basis. Sell-side analysts predict 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 given a dividend of $0.50 per share. 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 dividend on an annualized basis and a dividend yield of 2.4%. Wells Fargo & Company's 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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