Congress Park Capital LLC Purchases 4,173 Shares of Wells Fargo & Company $WFC

Key Points

• Congress Park Capital LLC increased its holdings in Wells Fargo by 13.0%, owning 36,324 shares valued at approximately $2.91 million as of the last quarter.
• Wells Fargo reported earnings per share of $1.54 for the last quarter, exceeding analyst expectations of $1.41, with a revenue of $20.82 billion.
• The company announced an increase in its quarterly dividend to $0.45 per share, reflecting a 2.1% yield and up from the previous $0.40.

Congress Park Capital LLC increased its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 13.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 36,324 shares of the financial services provider's stock after purchasing an additional 4,173 shares during the period. Wells Fargo & Company makes up about 1.0% of Congress Park Capital LLC's portfolio, making the stock its 27th biggest holding. Congress Park Capital LLC's holdings in Wells Fargo & Company were worth $2,910,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in WFC. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in shares of Wells Fargo & Company by 2,735,254.3% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider's stock worth $76,095,550,000 after buying an additional 949,735,001 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Wells Fargo & Company by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 20,497,429 shares of the financial services provider's stock valued at $1,471,259,000 after acquiring an additional 128,207 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Wells Fargo & Company by 277.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider's stock valued at $771,092,000 after acquiring an additional 7,894,919 shares during the period. Boston Partners boosted its position in shares of Wells Fargo & Company by 6.2% in the first quarter. Boston Partners now owns 8,953,009 shares of the financial services provider's stock valued at $640,616,000 after acquiring an additional 523,107 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Wells Fargo & Company by 10.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,009,440 shares of the financial services provider's stock valued at $431,418,000 after acquiring an additional 544,473 shares during the period. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

NYSE:WFC traded up $0.53 during trading hours on Monday, hitting $85.17. The company's stock had a trading volume of 14,543,087 shares, compared to its average volume of 16,968,656. The stock has a fifty day simple moving average of $80.44 and a 200-day simple moving average of $75.40. The company has a market capitalization of $272.85 billion, a P/E ratio of 14.58, a PEG ratio of 1.31 and a beta of 1.25. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. Wells Fargo & Company has a twelve month low of $53.31 and a twelve month high of $85.28.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.13. The business 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%.Wells Fargo & Company's revenue was up .6% compared to the same quarter last year. During the same period last year, the firm posted $1.33 earnings per share. On average, analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is currently 30.82%.

Analysts Set New Price Targets

Several brokerages have recently commented on WFC. Phillip Securities cut shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. Bank of America lifted their price objective on Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. The Goldman Sachs Group cut their target price on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Truist Financial raised their price target on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Finally, Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $82.56.

About Wells Fargo & Company

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.