Axxcess Wealth Management LLC Boosts Stake in Wells Fargo & Company $WFC

Key Points

• Axxcess Wealth Management LLC has increased its stake in Wells Fargo & Company by 35.7%, now owning 68,849 shares worth approximately $5.5 million.
• Wells Fargo reported $1.66 earnings per share for the recent quarter, surpassing the consensus estimate of $1.55, alongside a revenue of $21.44 billion.
• The company recently raised its quarterly dividend from $0.40 to $0.45 per share, resulting in an annualized yield of 2.1%.

Axxcess Wealth Management LLC lifted its stake in Wells Fargo & Company (NYSE:WFC) by 35.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 68,849 shares of the financial services provider's stock after buying an additional 18,124 shares during the period. Axxcess Wealth Management LLC's holdings in Wells Fargo & Company were worth $5,516,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. McElhenny Sheffield Capital Management LLC purchased a new stake in shares of Wells Fargo & Company in the second quarter worth about $27,000. CBIZ Investment Advisory Services LLC boosted its position in shares of Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock worth $27,000 after buying an additional 322 shares during the period. Accent Capital Management LLC purchased a new stake in shares of Wells Fargo & Company in the first quarter worth about $29,000. Motco boosted its position in shares of Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after buying an additional 326 shares during the period. Finally, Nova Wealth Management Inc. boosted its position in shares of Wells Fargo & Company by 112.9% in the second quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider's stock worth $34,000 after buying an additional 227 shares during the period. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Trading Up 7.1%

Shares of NYSE WFC opened at $84.51 on Wednesday. The stock's 50 day moving average price is $80.79 and its two-hundred day moving average price is $76.67. Wells Fargo & Company has a 52-week low of $58.42 and a 52-week high of $86.65. The stock has a market capitalization of $270.71 billion, a P/E ratio of 14.47, a PEG ratio of 1.27 and a beta of 1.25. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06.

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 (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.11. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The firm had revenue of $21.44 billion for the quarter, compared to analysts' expectations of $21.11 billion. During the same quarter in the prior year, the firm posted $1.42 earnings per share. Wells Fargo & Company's revenue for the quarter was up 5.3% compared to the same quarter last year. On average, analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were paid a dividend of $0.45 per share. The ex-dividend date was Friday, August 8th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.1%. Wells Fargo & Company's payout ratio is currently 30.82%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on WFC shares. Weiss Ratings raised Wells Fargo & Company from a "hold (c)" rating to a "buy (b)" rating in a research report on Wednesday, October 8th. Dbs Bank raised Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Truist Financial increased their price target on Wells Fargo & Company from $86.00 to $88.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Morgan Stanley downgraded Wells Fargo & Company from an "overweight" rating to an "equal weight" rating and increased their price target for the company from $87.00 to $90.00 in a report on Monday, September 29th. Finally, Citigroup increased their price target on Wells Fargo & Company from $85.00 to $90.00 and gave the company a "neutral" rating in a report on Tuesday, September 23rd. Nine analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and a consensus price target of $86.77.

About Wells Fargo & Company

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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