Beacon Pointe Advisors LLC Makes New $40.50 Million Investment in Wells Fargo & Company $WFC

Beacon Pointe Advisors LLC bought a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 490,085 shares of the financial services provider's stock, valued at approximately $40,501,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pin Oak Investment Advisors Inc. purchased a new stake in shares of Wells Fargo & Company in the second quarter worth about $742,000. 49 Wealth Management LLC bought a new position in shares of Wells Fargo & Company in the second quarter valued at approximately $320,000. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in Wells Fargo & Company during the second quarter valued at approximately $4,489,000. Rakuten Investment Management Inc. purchased a new position in Wells Fargo & Company during the second quarter valued at approximately $41,819,000. Finally, Denver PWM LLC bought a new stake in Wells Fargo & Company during the 2nd quarter worth approximately $345,000. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Up 1.9%

Shares of Wells Fargo & Company stock opened at $86.62 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76. The company's 50 day moving average price is $86.27 and its 200-day moving average price is $82.71. The stock has a market capitalization of $261.94 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 0.92 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, beating analysts' consensus estimates of $1.73 by $0.23. The company 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%. The firm's revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.60 EPS. Equities research analysts forecast that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, August 7th. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a dividend yield of 2.3%. Wells Fargo & Company's payout ratio is 29.07%.

Trending Headlines about 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

Analyst Ratings Changes

WFC has been the topic of several recent analyst reports. Morgan Stanley increased 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 note on Monday, June 29th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Wells Fargo & Company in a report on Friday, July 17th. JPMorgan Chase & Co. increased their price objective on Wells Fargo & Company from $93.50 to $95.50 and gave the stock a "neutral" rating in a research report on Wednesday, July 29th. UBS Group dropped their price objective on 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. Finally, Truist Financial boosted their target price 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 analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $98.61.

Wells Fargo & 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.

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