Emerald Investment Advisers LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 31,002 shares of the financial services provider's stock, valued at approximately $2,562,000.
A number of other hedge funds also recently bought and sold shares of the company. Godfrey Financial Associates Inc. acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $25,000. Miller Capital Partners Inc. acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth about $25,000. Navalign LLC acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth about $26,000. Joseph Group Capital Management bought a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $28,000. Finally, Phillip James Consulting Co. bought a new stake in Wells Fargo & Company during the 1st quarter valued at approximately $28,000. 75.90% of the stock is currently owned by institutional investors.
Wells Fargo & Company Trading Up 0.1%
Wells Fargo & Company stock opened at $84.82 on Wednesday. The business has a 50 day moving average price of $86.11 and a two-hundred day moving average price of $82.79. 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 has a market cap of $256.51 billion, a price-to-earnings ratio of 12.33, a price-to-earnings-growth ratio of 0.92 and a beta of 0.92. Wells Fargo & Company has a 12 month low of $72.78 and a 12 month high of $97.76.
Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 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 during the quarter, compared to the consensus estimate of $21.86 billion. During the same quarter last year, the company earned $1.60 EPS. The company's quarterly revenue was up 8.6% on a year-over-year basis. As a group, equities analysts forecast that Wells Fargo & Company will post 7.26 EPS for the current year.
Wells Fargo & Company Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be paid a $0.50 dividend. The ex-dividend date is Friday, August 7th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.4%. Wells Fargo & Company's dividend payout ratio is currently 29.07%.
Analyst Ratings Changes
A number of analysts have issued reports on WFC shares. Morgan Stanley raised their target price on Wells Fargo & Company from $97.00 to $102.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, May 7th. Truist Financial increased their price objective on Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, June 26th. Raymond James Financial restated a "market perform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Finally, Wall Street Zen raised shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Sunday, June 14th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has an average rating of "Moderate Buy" and a consensus target price of $98.61.
Check Out Our Latest Analysis on Wells Fargo & Company
About Wells Fargo & Company
(
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.
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