70,923 Shares in Wells Fargo & Company $WFC Acquired by Reliant Investment Management LLC

Key Points

• Reliant Investment Management LLC acquired 70,923 shares of Wells Fargo & Company, valued at approximately $5,682,000, making it the fund's 21st biggest holding.
• Wells Fargo reported a quarterly earnings per share of $1.66, exceeding analysts' expectations of $1.55, alongside a revenue of $21.44 billion.
• The company recently increased its quarterly dividend from $0.40 to $0.45 per share, representing an annualized dividend yield of 2.1%.

Reliant Investment Management LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 70,923 shares of the financial services provider's stock, valued at approximately $5,682,000. Wells Fargo & Company comprises 2.5% of Reliant Investment Management LLC's investment portfolio, making the stock its 21st biggest holding.

Several other institutional investors have also recently added to or reduced their stakes in the business. Strategic Blueprint LLC lifted its stake in Wells Fargo & Company by 55.5% during the second quarter. Strategic Blueprint LLC now owns 8,749 shares of the financial services provider's stock worth $701,000 after purchasing an additional 3,121 shares during the last quarter. LifeWealth Investments LLC purchased a new stake in Wells Fargo & Company during the second quarter worth approximately $323,000. Granite Harbor Advisors Inc. lifted its stake in Wells Fargo & Company by 12.5% during the second quarter. Granite Harbor Advisors Inc. now owns 3,743 shares of the financial services provider's stock worth $300,000 after purchasing an additional 417 shares during the last quarter. RNC Capital Management LLC lifted its stake in Wells Fargo & Company by 26.7% during the second quarter. RNC Capital Management LLC now owns 74,669 shares of the financial services provider's stock worth $5,982,000 after purchasing an additional 15,716 shares during the last quarter. Finally, Axiom Financial Strategies LLC acquired a new position in Wells Fargo & Company during the second quarter worth approximately $216,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on WFC. Evercore ISI lifted their price target on Wells Fargo & Company from $94.00 to $98.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 30th. Dbs Bank raised Wells Fargo & Company to a "moderate buy" rating in a research report on Tuesday. TD Cowen lifted their price target on Wells Fargo & Company from $90.00 to $93.00 and gave the stock a "hold" rating in a research report on Wednesday, October 15th. The Goldman Sachs Group cut their price target on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods lifted their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "market perform" rating in a research report on Wednesday, October 15th. Eleven equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $89.57.

Wells Fargo & Company Trading Down 1.0%

Shares of WFC stock opened at $83.91 on Thursday. The business's fifty day moving average price is $81.61 and its 200 day moving average price is $77.29. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $87.47. The firm has a market capitalization of $268.79 billion, a PE ratio of 13.80, a P/E/G ratio of 1.16 and a beta of 1.25. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, topping analysts' consensus estimates of $1.55 by $0.11. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The firm had revenue of $21.44 billion for the quarter, compared to analyst estimates of $21.11 billion. During the same quarter in the prior year, the company posted $1.42 earnings per share. Wells Fargo & Company's quarterly revenue was up 5.3% on a year-over-year basis. As a group, sell-side analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were issued a dividend of $0.45 per share. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company's dividend payout ratio is currently 29.61%.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.

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