Financial Management Network Inc. Invests $315,000 in Wells Fargo & Company $WFC

Key Points

• Financial Management Network Inc. invested approximately $315,000 in Wells Fargo, purchasing 3,770 shares in the financial services company.
• Wells Fargo recently increased its quarterly dividend from $0.40 to $0.45, representing an annualized yield of 2.2%.
• The company's stock currently has an average rating of "Moderate Buy" from analysts, with a consensus price target of $82.56.

Financial Management Network Inc. purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 3,770 shares of the financial services provider's stock, valued at approximately $315,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Intelligence Driven Advisers LLC grew its holdings in shares of Wells Fargo & Company by 48.6% during the second quarter. Intelligence Driven Advisers LLC now owns 11,805 shares of the financial services provider's stock worth $946,000 after buying an additional 3,861 shares in the last quarter. Pines Wealth Management LLC lifted its holdings in shares of Wells Fargo & Company by 35.2% during the 2nd quarter. Pines Wealth Management LLC now owns 8,689 shares of the financial services provider's stock worth $726,000 after acquiring an additional 2,263 shares during the period. Chesley Taft & Associates LLC lifted its holdings in shares of Wells Fargo & Company by 5.8% during the 2nd quarter. Chesley Taft & Associates LLC now owns 221,072 shares of the financial services provider's stock worth $17,712,000 after acquiring an additional 12,160 shares during the period. Sunpointe LLC lifted its holdings in shares of Wells Fargo & Company by 4.8% during the 2nd quarter. Sunpointe LLC now owns 3,866 shares of the financial services provider's stock worth $310,000 after acquiring an additional 178 shares during the period. Finally, Sapient Capital LLC lifted its holdings in shares of Wells Fargo & Company by 0.4% during the 2nd quarter. Sapient Capital LLC now owns 344,236 shares of the financial services provider's stock worth $27,580,000 after acquiring an additional 1,272 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on WFC. Phillip Securities lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. Evercore ISI reiterated an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Dbs Bank upgraded shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Bank of America increased their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Finally, Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Wells Fargo & Company currently has an average rating of "Moderate Buy" and a consensus price target of $82.56.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $82.30 on Thursday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The stock has a market capitalization of $263.64 billion, a PE ratio of 14.09, a price-to-earnings-growth ratio of 1.26 and a beta of 1.25. Wells Fargo & Company has a 12-month low of $53.31 and a 12-month high of $84.83. The business's fifty day moving average price is $80.37 and its 200 day moving average price is $75.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. The company had revenue of $20.82 billion for the quarter, compared to analysts' expectations 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 quarterly revenue was up .6% compared to the same quarter last year. During the same period last year, the business posted $1.33 earnings per share. Equities 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 announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were paid a $0.45 dividend. The ex-dividend date was Friday, August 8th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a yield of 2.2%. Wells Fargo & Company's dividend payout ratio (DPR) is 30.82%.

Wells Fargo & Company Company Profile

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.

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