28,228 Shares in Wells Fargo & Company $WFC Acquired by Vista Investment Management

Key Points

• Vista Investment Management acquired 28,228 Wells Fargo shares during the second quarter, valued at approximately $2.33 million. Institutional investors collectively own 75.9% of the company.
• Wells Fargo exceeded quarterly earnings expectations, reporting $1.96 EPS versus the $1.73 consensus estimate and $22.62 billion in revenue, up 8.6% year over year.
• The bank raised its quarterly dividend from $0.45 to $0.50 per share, equivalent to a 2.4% annualized yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $98.61.

Vista Investment Management acquired a new stake in Wells Fargo & Company (NYSE:WFC - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 28,228 shares of the financial services provider's stock, valued at approximately $2,333,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Godfrey Financial Associates Inc. acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $25,000. Miller Capital Partners Inc. acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth $25,000. Navalign LLC acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth $26,000. Joseph Group Capital Management bought a new stake in shares of Wells Fargo & Company during the 4th quarter worth $28,000. Finally, Phillip James Consulting Co. bought a new stake in shares of Wells Fargo & Company during the 1st quarter worth $28,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Trading Up 0.1%

Shares of WFC stock opened at $84.82 on Wednesday. The firm has a market capitalization of $256.51 billion, a P/E ratio of 12.33, a P/E/G ratio of 0.92 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 stock's fifty day simple moving average is $86.11 and its 200 day simple moving average is $82.79.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. During the same period last year, the company earned $1.60 earnings per share. The business's quarterly revenue was up 8.6% on a year-over-year basis. As a group, sell-side analysts predict that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company 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. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, August 7th. Wells Fargo & Company's payout ratio is currently 29.07%.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Morgan Stanley lifted their target price on Wells Fargo & Company from $97.00 to $102.00 and gave the company an "equal weight" rating in a research report on Monday, June 29th. Wall Street Zen raised shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Sunday, June 14th. Truist Financial raised their price target on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, June 26th. Phillip Securities raised shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, May 7th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $98.61.

About Wells Fargo & Company

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.

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