Greenwood Gearhart Inc. Boosts Stock Position in Wells Fargo & Company $WFC

Key Points

• Greenwood Gearhart Inc. significantly boosted its stake in Wells Fargo & Company by 240.9% during Q2, acquiring a total of 12,239 shares valued at approximately $981,000.
• Wells Fargo's recent quarterly earnings exceed analysts' consensus estimate, reporting $1.54 EPS, alongside a slight revenue increase of 0.6% year-over-year.
• The company recently raised its quarterly dividend from $0.40 to $0.45, representing an annualized yield of 2.3% for investors.

Greenwood Gearhart Inc. increased its stake in Wells Fargo & Company (NYSE:WFC) by 240.9% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,239 shares of the financial services provider's stock after buying an additional 8,649 shares during the period. Greenwood Gearhart Inc.'s holdings in Wells Fargo & Company were worth $981,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. PDS Planning Inc grew its stake in shares of Wells Fargo & Company by 7.4% in the 2nd quarter. PDS Planning Inc now owns 12,750 shares of the financial services provider's stock worth $1,022,000 after buying an additional 880 shares during the last quarter. Monument Capital Management grew its stake in shares of Wells Fargo & Company by 1.4% in the 2nd quarter. Monument Capital Management now owns 10,099 shares of the financial services provider's stock worth $809,000 after buying an additional 137 shares during the last quarter. Cyndeo Wealth Partners LLC grew its stake in shares of Wells Fargo & Company by 2.3% in the 2nd quarter. Cyndeo Wealth Partners LLC now owns 14,089 shares of the financial services provider's stock worth $1,129,000 after buying an additional 322 shares during the last quarter. Vivid Wealth Management LLC grew its stake in shares of Wells Fargo & Company by 0.8% in the 2nd quarter. Vivid Wealth Management LLC now owns 17,243 shares of the financial services provider's stock worth $1,381,000 after buying an additional 133 shares during the last quarter. Finally, 3Chopt Investment Partners LLC grew its stake in shares of Wells Fargo & Company by 3.6% in the 2nd quarter. 3Chopt Investment Partners LLC now owns 53,147 shares of the financial services provider's stock worth $4,258,000 after buying an additional 1,857 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. UBS Group lowered their price objective on Wells Fargo & Company from $95.00 to $93.00 and set a "buy" rating on the stock in a research report on Tuesday. Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Saturday, October 4th. Phillip Securities cut Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Finally, Truist Financial upped their price objective on Wells Fargo & Company from $86.00 to $88.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Nine analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and an average target price of $85.41.

Wells Fargo & Company Price Performance

NYSE WFC opened at $77.74 on Friday. The business's fifty day moving average price is $80.63 and its 200-day moving average price is $76.51. The stock has a market capitalization of $249.04 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 1.29 and a beta of 1.25. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $86.65.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company had revenue of $20.82 billion for the quarter, compared to analysts' expectations of $20.83 billion. During the same period last year, the firm earned $1.33 EPS. Wells Fargo & Company's revenue for the quarter was up .6% compared to the same quarter last year. On average, equities analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were issued a $0.45 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is 30.82%.

Wells Fargo & 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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