Brown Miller Wealth Management LLC Purchases New Holdings in Wells Fargo & Company $WFC

Key Points

• Brown Miller Wealth Management LLC purchased 4,364 shares of Wells Fargo & Company, valued at approximately $350,000, marking a new position for the firm during Q2.
• Wells Fargo recently reported an EPS of $1.54 for the quarter, exceeding estimates, and increased its quarterly dividend from $0.40 to $0.45 per share.
• Wells Fargo's average analyst rating is currently a "Moderate Buy" with a consensus target price of $83.74, despite some fluctuating ratings among analysts.

Brown Miller Wealth Management LLC acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 4,364 shares of the financial services provider's stock, valued at approximately $350,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CBIZ Investment Advisory Services LLC lifted its position in Wells Fargo & Company by 585.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock worth $27,000 after purchasing an additional 322 shares during the period. Accent Capital Management LLC acquired a new position in shares of Wells Fargo & Company in the 1st quarter valued at approximately $29,000. Motco lifted its holdings in shares of Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after acquiring an additional 326 shares during the period. Nova Wealth Management Inc. lifted its holdings in shares of Wells Fargo & Company by 112.9% during the 2nd quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider's stock worth $34,000 after acquiring an additional 227 shares during the period. Finally, 1248 Management LLC acquired a new stake in shares of Wells Fargo & Company during the 1st quarter worth approximately $31,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

WFC has been the subject of several recent analyst reports. Phillip Securities cut Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Saturday. Raymond James Financial lowered Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Evercore ISI boosted their target price on Wells Fargo & Company from $94.00 to $98.00 and gave the stock an "outperform" rating in a research note on Tuesday. Finally, Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Nine investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $83.74.

Wells Fargo & Company Trading Up 0.2%

Shares of WFC stock opened at $80.63 on Friday. Wells Fargo & Company has a 1-year low of $55.98 and a 1-year high of $86.65. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The stock has a market cap of $258.28 billion, a price-to-earnings ratio of 13.81, a PEG ratio of 1.24 and a beta of 1.25. The stock has a 50-day moving average of $80.77 and a 200-day moving average of $76.31.

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 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. The company had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The firm's quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.33 earnings per share. On average, equities research analysts forecast 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 was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's dividend payout ratio is currently 30.82%.

Wells Fargo & Company 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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