Diversify Wealth Management LLC Raises Stake in Wells Fargo & Company $WFC

Key Points

• Diversify Wealth Management LLC nearly doubled its Wells Fargo stake in Q1, increasing its position by 94.8% to 58,584 shares worth about $4.78 million.
• Wells Fargo reported Q1 EPS of $1.60, topping analyst expectations, while revenue rose 6.4% year over year; analysts now expect the bank to earn 6.98 EPS for the full year.
• The bank continues to support shareholders with a quarterly dividend of $0.45 per share, equal to an annualized yield of about 2.1%, and Wall Street currently sees the stock as a Moderate Buy with a consensus price target of $98.34.

Diversify Wealth Management LLC boosted its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 94.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 58,584 shares of the financial services provider's stock after acquiring an additional 28,503 shares during the period. Diversify Wealth Management LLC's holdings in Wells Fargo & Company were worth $4,775,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of WFC. Godfrey Financial Associates Inc. purchased a new position in Wells Fargo & Company in the fourth quarter valued at $25,000. Miller Capital Partners Inc. purchased a new stake in Wells Fargo & Company during the 4th quarter worth about $25,000. Navalign LLC acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth about $26,000. Joseph Group Capital Management purchased a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $28,000. Finally, Core Wealth Advisors LLC acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth about $29,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

WFC stock opened at $87.07 on Monday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $266.46 billion, a P/E ratio of 13.44, a PEG ratio of 1.00 and a beta of 0.92. The business has a 50 day simple moving average of $80.67 and a 200-day simple moving average of $83.96. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.02. Wells Fargo & Company had a net margin of 17.26% and a return on equity of 13.27%. The business had revenue of $11.62 billion for the quarter, compared to analysts' expectations of $21.85 billion. During the same period in the previous year, the company posted $1.39 EPS. The company's quarterly revenue was up 6.4% on a year-over-year basis. As a group, equities analysts anticipate that Wells Fargo & Company will post 6.98 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were paid a $0.45 dividend. The ex-dividend date was Friday, May 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. Wells Fargo & Company's payout ratio is currently 27.78%.

Trending Headlines about Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Analysts and market commentary remain upbeat on Wells Fargo’s upcoming results, with expectations for higher net interest income and fee income to support earnings. The stock is also benefiting from a “moderate buy” consensus and renewed interest in bank earnings ahead of the reporting season.
• Positive Sentiment: Wells Fargo was cited as a bullish name in sector research, and the broader banking group is seen as positioned for solid Q2 results, which could lift financial stocks if the trend holds.
• Neutral Sentiment: Recent articles focused on Wells Fargo mostly previewed the earnings release rather than delivering new company-specific news, so investors are still waiting for a catalyst from the actual report.
• Neutral Sentiment: Broader market news was mixed but relatively calm, with futures drifting and investors waiting for inflation data and earnings season, which suggests WFC’s move is more tied to positioning than to any fresh negative headline.

Analysts Set New Price Targets

WFC has been the subject of several recent analyst reports. Jefferies Financial Group began coverage on Wells Fargo & Company in a research note on Thursday, March 26th. They set a "buy" rating and a $100.00 target price for the company. Keefe, Bruyette & Woods reduced their price objective on shares of Wells Fargo & Company from $101.00 to $98.00 and set a "market perform" rating for the company in a research report on Wednesday, April 15th. Wall Street Zen upgraded shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Sunday, June 14th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Wells Fargo & Company in a research report on Monday, April 20th. Finally, Truist Financial lifted their price target on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, June 26th. 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 company. Based on data from MarketBeat.com, Wells Fargo & Company has a consensus rating of "Moderate Buy" and a consensus price target of $98.34.

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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