Eaton Financial Holdings Company LLC Takes $1.55 Million Position in Wells Fargo & Company $WFC

Key Points

• Eaton Financial Holdings Company LLC acquired a new stake in Wells Fargo & Company, purchasing approximately 19,388 shares valued at $1.55 million during the 2nd quarter.
• Wells Fargo recently declared a quarterly dividend increase to $0.45, up from $0.40, which represents a 2.1% yield.
• The company reported a quarterly EPS of $1.54, exceeding analyst expectations, while revenue slightly decreased compared to estimates.

Eaton Financial Holdings Company LLC purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 19,388 shares of the financial services provider's stock, valued at approximately $1,553,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Accretive Wealth Partners LLC bought a new position in shares of Wells Fargo & Company during the 1st quarter valued at $399,000. Banco Bilbao Vizcaya Argentaria S.A. lifted its holdings in shares of Wells Fargo & Company by 10.4% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider's stock valued at $54,471,000 after buying an additional 71,740 shares during the period. Secured Retirement Advisors LLC bought a new position in shares of Wells Fargo & Company during the 1st quarter valued at $408,000. RKL Wealth Management LLC lifted its holdings in shares of Wells Fargo & Company by 166.4% during the 1st quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock valued at $588,000 after buying an additional 5,113 shares during the period. Finally, Allianz SE raised its holdings in Wells Fargo & Company by 22.6% in the 1st quarter. Allianz SE now owns 212,335 shares of the financial services provider's stock worth $15,244,000 after purchasing an additional 39,150 shares during the period. 75.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on WFC. Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Bank of America raised their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Evercore ISI reaffirmed an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. The Goldman Sachs Group decreased their target price on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $82.56.

Wells Fargo & Company Trading Up 0.6%

WFC opened at $85.17 on Tuesday. The firm has a market cap of $272.85 billion, a P/E ratio of 14.58, a P/E/G ratio of 1.31 and a beta of 1.25. Wells Fargo & Company has a 12 month low of $53.31 and a 12 month high of $85.28. 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 50-day moving average of $80.47 and a 200 day moving average of $75.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping the consensus estimate of $1.41 by $0.13. The company had revenue of $20.82 billion during 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 revenue was up .6% on a year-over-year basis. During the same quarter last year, the business posted $1.33 earnings per share. As a group, research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were given a $0.45 dividend. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's dividend payout ratio (DPR) is 30.82%.

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.

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.