691,898 Shares in Wells Fargo & Company $WFC Bought by Empowered Funds LLC

Empowered Funds LLC bought a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 691,898 shares of the financial services provider's stock, valued at approximately $57,178,000.

Several other hedge funds have also bought and sold shares of WFC. Godfrey Financial Associates Inc. purchased a new position in shares of Wells Fargo & Company during the 4th quarter valued at about $25,000. Miller Capital Partners Inc. purchased a new stake in Wells Fargo & Company in the 4th quarter worth approximately $25,000. Navalign LLC bought a new stake in Wells Fargo & Company during the 4th quarter worth approximately $26,000. Phillip James Consulting Co. bought a new stake in Wells Fargo & Company during the 1st quarter worth approximately $28,000. Finally, Core Wealth Advisors LLC purchased a new position in Wells Fargo & Company during the fourth quarter valued at approximately $29,000. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Trading Up 1.9%

Wells Fargo & Company stock opened at $86.62 on Friday. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76. The firm's 50 day moving average price is $86.27 and its 200-day moving average price is $82.71. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market cap of $261.94 billion, a P/E ratio of 12.59, a PEG ratio of 0.92 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, topping analysts' consensus estimates of $1.73 by $0.23. The firm had revenue of $22.62 billion during the quarter, compared to analyst estimates of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. Wells Fargo & Company's revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.60 earnings per share. On average, equities analysts predict 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 declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, August 7th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.45. Wells Fargo & Company's dividend payout ratio is presently 29.07%.

Key Stories Impacting Wells Fargo & Company

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

• Positive Sentiment: Wells Fargo is reportedly seeking to recruit hundreds of independent financial advisers, expanding its Wealth & Investment Management division and targeting affluent and high-net-worth clients. The initiative builds on a multiyear overhaul and could support fee-based revenue, asset growth and deeper customer relationships. WFC Broadens Wealth Focus: Can Its Multi-Year Revamp Drive Growth?
• Positive Sentiment: The wealth-management push follows an approximately $1.5 billion revamp and emphasizes independent advisers who can use Wells Fargo’s platform and infrastructure. Successful hiring and retention could improve the division’s long-term growth prospects, although benefits will take time to materialize. Wells Fargo Steps Up Wealth Hiring After $1.5 Billion Revamp
• Neutral Sentiment: Analysts collectively maintain a “Moderate Buy” recommendation for Wells Fargo. The rating indicates generally constructive sentiment, but it does not represent a new earnings forecast or a clearly identifiable catalyst. Wells Fargo Given Average Recommendation of Moderate Buy by Analysts
• Neutral Sentiment: A market-focused report noted that WFC advanced even as the broader market declined, suggesting relative investor support. The article did not identify a major new earnings announcement, guidance change or regulatory development behind the move. Wells Fargo Gains As Market Dips: What You Should Know

Wall Street Analysts Forecast Growth

WFC has been the subject of a number of recent analyst reports. UBS Group dropped their price target on shares of Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating for the company in a research report on Tuesday, July 7th. Bank of America lifted their target price on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods dropped their target price 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. Truist Financial increased their price target on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, June 26th. Finally, Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and an average target price 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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