Ahara Advisors LLC Grows Position in Wells Fargo & Company $WFC

Key Points

• Ahara Advisors significantly increased its Wells Fargo stake by 757.3% in the second quarter, ending with 43,464 shares valued at approximately $3.59 million. Institutional investors collectively own 75.9% of the company.
• Wells Fargo beat quarterly expectations, reporting $1.96 in earnings per share and $22.62 billion in revenue, with revenue up 8.6% year over year.
• The bank raised its quarterly dividend from $0.45 to $0.50 per share, implying a 2.3% annual yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $98.61.

Ahara Advisors LLC raised its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 757.3% during the second quarter, according to its most recent filing with the SEC. The firm owned 43,464 shares of the financial services provider's stock after purchasing an additional 38,394 shares during the period. Wells Fargo & Company accounts for about 2.4% of Ahara Advisors LLC's portfolio, making the stock its 14th largest position. Ahara Advisors LLC's holdings in Wells Fargo & Company were worth $3,592,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Godfrey Financial Associates Inc. purchased a new position in Wells Fargo & Company during the fourth quarter valued at approximately $25,000. Miller Capital Partners Inc. purchased a new stake in shares of Wells Fargo & Company during the 4th quarter worth $25,000. Navalign LLC bought a new position in Wells Fargo & Company in the fourth quarter worth about $26,000. Joseph Group Capital Management purchased a new stake in shares of Wells Fargo & Company during the fourth quarter valued at about $28,000. Finally, Phillip James Consulting Co. purchased a new stake in shares of Wells Fargo & Company during the first quarter valued at about $28,000. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

NYSE WFC opened at $87.55 on Tuesday. 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's fifty day moving average price is $85.86 and its 200 day moving average price is $83.05. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76. The company has a market cap of $264.75 billion, a price-to-earnings ratio of 12.73, a PEG ratio of 0.97 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results 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. The company had revenue of $22.62 billion during the quarter, compared to analysts' expectations of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The firm's revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.60 EPS. As a group, equities research analysts forecast that Wells Fargo & Company will post 7.26 earnings per share 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 given a $0.50 dividend. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Friday, August 7th. Wells Fargo & Company's payout ratio is currently 29.07%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on WFC shares. Morgan Stanley raised their price target on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. UBS Group reduced their price objective on shares of Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating for the company in a research note on Tuesday, July 7th. JPMorgan Chase & Co. increased their target price on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the company a "neutral" rating in a research report on Wednesday, July 29th. Robert W. Baird lifted their price target 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. Finally, Truist Financial upped their price target on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a "buy" rating in a research report on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, Wells Fargo & Company currently 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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