Empirical Asset Management LLC acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 13,130 shares of the financial services provider's stock, valued at approximately $1,085,000.
Other institutional investors also recently modified their holdings of the company. Godfrey Financial Associates Inc. bought a new stake in Wells Fargo & Company during the 4th quarter worth approximately $25,000. Miller Capital Partners Inc. acquired a new position in Wells Fargo & Company in the fourth quarter worth $25,000. Navalign LLC acquired a new position in Wells Fargo & Company in the fourth quarter worth $26,000. Joseph Group Capital Management acquired a new position in Wells Fargo & Company in the fourth quarter worth $28,000. Finally, Phillip James Consulting Co. bought a new stake in shares of Wells Fargo & Company during the first quarter worth $28,000. Institutional investors own 75.90% of the company's stock.
Wells Fargo & Company Trading Down 0.0%
NYSE:WFC opened at $83.83 on Monday. The firm has a market capitalization of $253.50 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 0.91 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 business's 50-day moving average price is $86.08 and its two-hundred day moving average price is $82.91. 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 announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, beating analysts' consensus estimates of $1.73 by $0.23. The company had revenue of $22.62 billion during the quarter, compared to analysts' expectations of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.Wells Fargo & Company's revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.60 EPS. On average, equities analysts expect that Wells Fargo & Company will post 7.26 earnings per share for the current 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 given a dividend of $0.50 per share. This is a positive change 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 2.4%. The ex-dividend date of this dividend is Friday, August 7th. Wells Fargo & Company's payout ratio is 29.07%.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on WFC. Bank of America raised their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. JPMorgan Chase & Co. upped their target price on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the stock a "neutral" rating in a research report on Wednesday, July 29th. UBS Group decreased their price target on shares of Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating on the stock in a research note on Tuesday, July 7th. Raymond James Financial reissued a "market perform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Finally, Keefe, Bruyette & Woods dropped 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 research report on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.61.
Check Out Our Latest Stock Analysis on Wells Fargo & Company
Wells Fargo & Company Profile
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Free Report)
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.
Further Reading
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