Exchange Traded Concepts LLC Raises Holdings in Wells Fargo & Company $WFC

Key Points

• Exchange Traded Concepts LLC increased its Wells Fargo stake by 10.6% in the second quarter, bringing its holdings to 199,371 shares valued at approximately $16.5 million. Institutional investors collectively own 75.9% of WFC shares.
• Analysts maintain a generally positive outlook, with Wells Fargo receiving a consensus “Moderate Buy” rating and an average price target of $98.61, above its reported trading price of $87.55.
• Wells Fargo exceeded quarterly expectations, reporting $1.96 EPS and $22.62 billion in revenue, while raising its quarterly dividend from $0.45 to $0.50 per share, equivalent to a 2.3% annualized yield.

Exchange Traded Concepts LLC increased its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 10.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 199,371 shares of the financial services provider's stock after acquiring an additional 19,103 shares during the period. Exchange Traded Concepts LLC's holdings in Wells Fargo & Company were worth $16,476,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Godfrey Financial Associates Inc. purchased a new stake in Wells Fargo & Company in the 4th quarter worth approximately $25,000. Miller Capital Partners Inc. acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $25,000. Navalign LLC purchased a new position in shares of Wells Fargo & Company during the 4th quarter valued at approximately $26,000. Joseph Group Capital Management purchased a new position in shares of Wells Fargo & Company during the 4th quarter valued at approximately $28,000. Finally, Phillip James Consulting Co. acquired a new position in shares of Wells Fargo & Company in the 1st quarter valued at $28,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on WFC shares. Morgan Stanley increased their price target on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. JPMorgan Chase & Co. increased 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 note on Wednesday, July 29th. 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 report on Tuesday, July 7th. Robert W. Baird increased their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. Finally, Raymond James Financial reiterated a "market perform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. Two equities 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 company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $98.61.

Wells Fargo & Company Trading Down 1.4%

Shares of Wells Fargo & Company stock opened at $87.55 on Tuesday. 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 has a twelve month low of $72.78 and a twelve month high of $97.76. The firm has a market capitalization of $264.75 billion, a PE ratio of 12.73, a P/E/G ratio of 0.97 and a beta of 0.92. The firm's 50-day moving average price is $85.86 and its 200 day moving average price is $83.05.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.73 by $0.23. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The firm had revenue of $22.62 billion for the quarter, compared to analyst estimates of $21.86 billion. During the same period in the previous year, the company posted $1.60 earnings per share. The business's revenue was up 8.6% on a year-over-year basis. On average, sell-side analysts predict that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a dividend of $0.50 per share. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.3%. Wells Fargo & Company's dividend payout ratio is presently 29.07%.

Wells Fargo & Company 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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