Black Cypress Capital Management LLC Takes $9.24 Million Position in Wells Fargo & Company $WFC

Key Points

• Black Cypress Capital Management acquired 111,865 Wells Fargo shares worth approximately $9.24 million, making WFC about 6.2% of its portfolio and its seventh-largest holding.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $98.61, above its reported $83.83 price.
• Wells Fargo exceeded quarterly earnings and revenue estimates, while raising its quarterly dividend from $0.45 to $0.50 per share, equivalent to a 2.4% annualized yield.

Black Cypress Capital Management LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 111,865 shares of the financial services provider's stock, valued at approximately $9,245,000. Wells Fargo & Company makes up about 6.2% of Black Cypress Capital Management LLC's investment portfolio, making the stock its 7th biggest position.

Other hedge funds also recently bought and sold shares of the company. Godfrey Financial Associates Inc. acquired a new position in Wells Fargo & Company during the 4th quarter worth approximately $25,000. Miller Capital Partners Inc. acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth $25,000. Navalign LLC acquired a new position in shares of Wells Fargo & Company during the fourth quarter worth $26,000. Joseph Group Capital Management purchased a new position in Wells Fargo & Company in the fourth quarter valued at $28,000. Finally, Core Wealth Advisors LLC purchased a new position in Wells Fargo & Company in the fourth quarter valued at $29,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, May 7th. Truist Financial raised 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. Weiss Ratings restated a "buy (b)" rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Robert W. Baird upped their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the stock a "neutral" rating in a report on Wednesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $98.61.

Wells Fargo & Company Stock Down 0.0%

WFC opened at $83.83 on Monday. Wells Fargo & Company has a one year low of $72.78 and a one year high of $97.76. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market capitalization of $253.50 billion, a P/E ratio of 12.18, a price-to-earnings-growth ratio of 0.91 and a beta of 0.92. The business's 50-day simple moving average is $86.08 and its 200-day simple moving average is $82.91.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.73 by $0.23. The firm had revenue of $22.62 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.60 EPS. Analysts anticipate that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Friday, August 7th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. Wells Fargo & Company's dividend payout ratio is currently 29.07%.

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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