Beck Bode LLC Invests $1.63 Million in Wells Fargo & Company $WFC

Key Points

• Beck Bode LLC has invested approximately $1.63 million in Wells Fargo by purchasing 22,698 shares in the first quarter, indicating growing institutional interest in the company.
• Wells Fargo's recent quarterly earnings report showed $1.54 earnings per share, surpassing analyst expectations and reflecting a revenue increase of 0.6% compared to the previous year.
• The company is set to increase its quarterly dividend from $0.40 to $0.45, with a dividend yield of 2.2%, signaling a positive outlook for shareholders.

Beck Bode LLC bought a new stake in Wells Fargo & Company (NYSE:WFC) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 22,698 shares of the financial services provider's stock, valued at approximately $1,629,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. BNP Paribas bought a new position in Wells Fargo & Company in the fourth quarter valued at approximately $28,000. Accent Capital Management LLC acquired a new position in Wells Fargo & Company during the first quarter worth $29,000. Motco raised its holdings in shares of Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 326 shares during the period. Parvin Asset Management LLC bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at about $32,000. Finally, Stone House Investment Management LLC acquired a new position in shares of Wells Fargo & Company in the first quarter valued at $34,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $82.58 on Thursday. The stock has a market cap of $264.54 billion, a PE ratio of 14.14, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. Wells Fargo & Company has a fifty-two week low of $50.22 and a fifty-two week high of $84.83. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The stock has a fifty day moving average of $80.03 and a 200-day moving average of $74.98.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company had revenue of $20.82 billion for the quarter, compared to analysts' expectations of $20.83 billion. During the same period in the prior year, the business earned $1.33 earnings per share. Wells Fargo & Company's revenue for the quarter was up .6% compared to the same quarter last year. Equities research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be given a $0.45 dividend. The ex-dividend date is Friday, August 8th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. Wells Fargo & Company's dividend payout ratio is presently 30.82%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on WFC. Bank of America boosted their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Raymond James Financial cut Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 7th. Truist Financial lifted their price target on Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Citigroup reissued a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, Phillip Securities downgraded Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Eleven analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Wells Fargo & Company currently has an average rating of "Moderate Buy" and an average target price of $81.58.

Wells Fargo & 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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