32,109 Shares in Wells Fargo & Company $WFC Acquired by Pure Financial Advisors LLC

Key Points

• Pure Financial Advisors LLC acquired 32,109 Wells Fargo shares during the second quarter, valued at approximately $2.65 million. Institutional investors collectively own 75.9% of WFC’s outstanding stock.
• Wells Fargo reported quarterly EPS of $1.96, exceeding the $1.73 analyst consensus, while revenue rose 8.6% year over year to $22.62 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $98.61.
• The bank increased its quarterly dividend from $0.45 to $0.50 per share, equivalent to a $2.00 annualized payout and a 2.4% yield.

Pure Financial Advisors LLC purchased a new position in Wells Fargo & Company (NYSE:WFC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 32,109 shares of the financial services provider's stock, valued at approximately $2,653,000.

Several other institutional investors also recently modified their holdings of WFC. Brighton Jones LLC boosted its stake in shares of Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after acquiring an additional 25,436 shares in the last quarter. Jump Financial LLC raised its position in shares of Wells Fargo & Company by 12.9% during the second quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider's stock worth $1,835,000 after purchasing an additional 2,615 shares during the period. Main Street Financial Solutions LLC raised its position in shares of Wells Fargo & Company by 111.0% during the second quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider's stock worth $1,122,000 after purchasing an additional 7,368 shares during the period. Vivaldi Capital Management LP lifted its holdings in shares of Wells Fargo & Company by 5.4% during the second quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider's stock valued at $259,000 after purchasing an additional 165 shares during the last quarter. Finally, Diversify Advisory Services LLC lifted its holdings in shares of Wells Fargo & Company by 51.2% during the second quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider's stock valued at $2,044,000 after purchasing an additional 8,714 shares during the last quarter. Institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on WFC shares. Keefe, Bruyette & Woods dropped their price target on Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating on the stock in a research note on Wednesday, July 15th. JPMorgan Chase & Co. upped their price objective on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. Robert W. Baird raised their target price 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. Morgan Stanley lifted their target price on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a research report on Monday, June 29th. Finally, Phillip Securities upgraded shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.61.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $85.00 on Friday. Wells Fargo & Company has a 12 month low of $72.78 and a 12 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 has a market cap of $257.04 billion, a PE ratio of 12.35, a price-to-earnings-growth ratio of 0.93 and a beta of 0.92. The business has a fifty day simple moving average of $86.19 and a 200-day simple moving average of $82.68.

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 earnings per share (EPS) for the quarter, topping 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 in the prior year, the business earned $1.60 EPS. The business's revenue for the quarter was up 8.6% on a year-over-year basis. On average, sell-side analysts anticipate that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be issued a dividend of $0.50 per share. 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 is Friday, August 7th. Wells Fargo & Company's dividend payout ratio is 29.07%.

Wells Fargo & Company News Roundup

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 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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