Callan Family Office LLC Takes $18.77 Million Position in Wells Fargo & Company $WFC

Key Points

• Callan Family Office LLC purchased 227,104 Wells Fargo shares worth approximately $18.77 million in the second quarter, while institutional investors collectively own 75.9% of the company.
• Wells Fargo exceeded quarterly expectations, reporting $1.96 in earnings per share and $22.62 billion in revenue; revenue rose 8.6% year over year.
• The bank raised its quarterly dividend from $0.45 to $0.50 per share, equating to a $2.00 annualized payout and a 2.4% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $98.61.

Callan Family Office LLC purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 227,104 shares of the financial services provider's stock, valued at approximately $18,768,000.

Other large investors have also added to or reduced their stakes in the company. Godfrey Financial Associates Inc. purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $25,000. Miller Capital Partners Inc. purchased a new position in Wells Fargo & Company in the fourth quarter valued at approximately $25,000. Navalign LLC bought a new position in Wells Fargo & Company during the fourth quarter valued at $26,000. Joseph Group Capital Management bought a new stake in shares of Wells Fargo & Company in the fourth quarter valued at $28,000. Finally, Phillip James Consulting Co. bought a new position in shares of Wells Fargo & Company during the 1st quarter worth $28,000. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

WFC stock opened at $84.82 on Wednesday. The firm has a 50 day moving average of $86.11 and a 200-day moving average of $82.79. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a 12 month low of $72.78 and a 12 month high of $97.76. The firm has a market capitalization of $256.51 billion, a P/E ratio of 12.33, a price-to-earnings-growth ratio of 0.92 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, topping analysts' consensus estimates of $1.73 by $0.23. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The business had revenue of $22.62 billion for the quarter, compared to analyst estimates of $21.86 billion. During the same quarter in the prior year, the firm posted $1.60 EPS. Wells Fargo & Company's revenue was up 8.6% on a year-over-year basis. As a group, sell-side analysts predict that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently declared 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 payout ratio is currently 29.07%.

Wall Street Analysts Forecast Growth

WFC has been the topic of several recent research reports. Phillip Securities raised shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, May 7th. Keefe, Bruyette & Woods cut their price objective on shares of Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating for the company in a report on Wednesday, July 15th. Raymond James Financial reiterated a "market perform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Wall Street Zen raised shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Sunday, June 14th. Finally, Morgan Stanley raised their price target on Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $98.61.

Wells Fargo & Company 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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