Kentucky Farm Bureau Mutual Insurance Co acquired a new position in Wells Fargo & Company (NYSE:WFC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 21,634 shares of the financial services provider's stock, valued at approximately $1,788,000.
Other large investors have also made changes to their positions in the company. Addison Advisors LLC acquired a new stake in Wells Fargo & Company in the 2nd quarter valued at approximately $84,000. West Family Investments Inc. bought a new position in Wells Fargo & Company in the 2nd quarter worth approximately $827,000. Knuff & Co LLC acquired a new position in shares of Wells Fargo & Company during the second quarter worth approximately $1,181,000. Empirical Asset Management LLC acquired a new position in shares of Wells Fargo & Company during the second quarter worth approximately $1,085,000. Finally, Chancellor Financial Group WB LP bought a new stake in shares of Wells Fargo & Company in the second quarter valued at approximately $229,000. Institutional investors and hedge funds own 75.90% of the company's stock.
Wells Fargo & Company Trading Down 0.0%
Shares of WFC stock opened at $83.83 on Monday. The firm has a fifty day moving average of $86.08 and a 200-day moving average of $82.91. The stock has a market cap of $253.50 billion, a price-to-earnings ratio of 12.18, a P/E/G ratio of 0.91 and a beta of 0.92. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90.
Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, beating analysts' consensus estimates of $1.73 by $0.23. The business had revenue of $22.62 billion for the quarter, compared to analysts' expectations of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The firm's revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.60 earnings per share. On average, equities research analysts forecast that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.
Wells Fargo & Company Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be paid a $0.50 dividend. The ex-dividend date is Friday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.45. Wells Fargo & Company's dividend payout ratio is currently 29.07%.
Analysts Set New Price Targets
Several equities research analysts have recently issued reports on WFC shares. Truist Financial raised their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, June 26th. Keefe, Bruyette & Woods reduced their price target on shares of Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating for the company in a report on Wednesday, July 15th. Wall Street Zen upgraded shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Sunday, June 14th. Robert W. Baird boosted their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "neutral" rating in a report on Wednesday, July 15th. Finally, Phillip Securities raised shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $98.61.
Check Out Our Latest Stock Analysis on WFC
About Wells Fargo & Company
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Free Report)
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.
Further Reading
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