Deane Retirement Strategies Inc. Buys New Stake in Wells Fargo & Company $WFC

Key Points

• Deane Retirement Strategies acquired 34,272 Wells Fargo shares during the second quarter, worth approximately $2.83 million. Other institutional investors also increased their holdings, with institutions collectively owning 75.9% of WFC stock.
• Wells Fargo exceeded quarterly expectations, reporting $1.96 in earnings per share versus the $1.73 consensus estimate and $22.62 billion in revenue, up 8.6% year over year.
• The bank raised its quarterly dividend from $0.45 to $0.50 per share, equivalent to an annualized $2.00 payout and a 2.3% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $98.61.

Deane Retirement Strategies Inc. bought a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 34,272 shares of the financial services provider's stock, valued at approximately $2,833,000.

Other institutional investors also recently added to or reduced their stakes in the company. Wealth Science Advisors LLC increased its stake in Wells Fargo & Company by 131.6% during the 2nd quarter. Wealth Science Advisors LLC now owns 11,993 shares of the financial services provider's stock valued at $991,000 after buying an additional 6,814 shares during the period. HF Advisory Group LLC lifted its stake in shares of Wells Fargo & Company by 11.4% in the 2nd quarter. HF Advisory Group LLC now owns 60,883 shares of the financial services provider's stock worth $5,031,000 after acquiring an additional 6,252 shares during the period. Aletheian Wealth Advisors LLC boosted its holdings in shares of Wells Fargo & Company by 13.3% in the second quarter. Aletheian Wealth Advisors LLC now owns 3,184 shares of the financial services provider's stock valued at $263,000 after acquiring an additional 374 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Wells Fargo & Company by 94.9% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 11,029 shares of the financial services provider's stock valued at $911,000 after acquiring an additional 5,370 shares in the last quarter. Finally, West Financial Advisors LLC increased its stake in shares of Wells Fargo & Company by 51.1% during the second quarter. West Financial Advisors LLC now owns 1,469 shares of the financial services provider's stock valued at $121,000 after acquiring an additional 497 shares during the period. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Trading Up 0.0%

Shares of WFC opened at $87.25 on Monday. The business's 50-day moving average price is $84.90 and its 200 day moving average price is $83.03. The stock has a market capitalization of $263.86 billion, a P/E ratio of 12.68, a P/E/G ratio of 0.95 and a beta of 0.92. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76. 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 (NYSE:WFC - Get Free Report) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.23. The business had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The firm's quarterly revenue was up 8.6% compared to the same quarter last year. During the same period last year, the firm posted $1.60 earnings per share. Analysts expect that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently announced 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 is Friday, August 7th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.3%. Wells Fargo & Company's dividend payout ratio is currently 29.07%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on WFC. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, May 7th. Bank of America lifted their price target on Wells Fargo & Company from $95.00 to $102.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Piper Sandler reissued an "overweight" rating and issued a $94.00 price objective (down from $100.00) on shares of Wells Fargo & Company in a research note on Wednesday, April 15th. Keefe, Bruyette & Woods decreased their target price on Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating for the company in a research note on Wednesday, July 15th. Finally, Raymond James Financial reaffirmed a "market perform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has an average rating of "Moderate Buy" and a consensus price target of $98.61.

Wells Fargo & 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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