Greenspring Advisors LLC Purchases New Stake in Wells Fargo & Company $WFC

Key Points

• Greenspring Advisors purchased 12,305 Wells Fargo shares worth approximately $1.02 million in the second quarter, while institutional investors and hedge funds collectively own 75.9% of the stock.
• Wells Fargo reported quarterly EPS of $1.96, exceeding analyst expectations of $1.73, while revenue rose 8.6% year over year to $22.62 billion.
• The bank increased its quarterly dividend from $0.45 to $0.50 per share, equivalent to a $2.00 annualized payout and a 2.4% yield; analysts maintain a “Moderate Buy” consensus with an average $98.61 price target.

Greenspring Advisors LLC bought 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 SEC. The fund bought 12,305 shares of the financial services provider's stock, valued at approximately $1,017,000.

A number of other institutional investors and hedge funds have also bought and sold shares of WFC. Norges Bank bought a new stake in shares of Wells Fargo & Company during the fourth quarter worth approximately $4,512,563,000. Capital Research Global Investors increased its stake in shares of Wells Fargo & Company by 4.9% during the fourth quarter. Capital Research Global Investors now owns 37,421,387 shares of the financial services provider's stock worth $3,487,687,000 after purchasing an additional 1,760,484 shares during the period. Legal & General Group Plc increased its stake in shares of Wells Fargo & Company by 0.9% during the fourth quarter. Legal & General Group Plc now owns 21,197,423 shares of the financial services provider's stock worth $1,975,600,000 after purchasing an additional 188,186 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Wells Fargo & Company by 13.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,625,070 shares of the financial services provider's stock worth $1,922,257,000 after purchasing an additional 2,369,260 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Wells Fargo & Company during the 2nd quarter worth approximately $1,364,923,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Up 1.0%

WFC stock opened at $84.70 on Tuesday. The company has a market cap of $256.13 billion, a PE ratio of 12.31, a price-to-earnings-growth ratio of 0.91 and a beta of 0.92. The business has a 50-day simple moving average of $86.11 and a 200 day simple moving average of $82.85. Wells Fargo & Company has a 52 week low of $72.78 and a 52 week high of $97.76. The company has a quick ratio of 0.90, a current 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 data 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. The firm had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The business's revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.60 earnings per share. Sell-side analysts anticipate 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. The ex-dividend date is Friday, August 7th. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 2.4%. Wells Fargo & Company's dividend payout ratio is currently 29.07%.

Analysts Set New Price Targets

Several research firms recently issued reports on WFC. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, May 7th. Robert W. Baird increased their price objective 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. Bank of America lifted their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Weiss Ratings reissued a "buy (b)" rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating on the stock in a research report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $98.61.

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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