HBK Sorce Advisory LLC Makes New $2.13 Million Investment in Wells Fargo & Company $WFC

HBK Sorce Advisory LLC acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 23,925 shares of the financial services provider's stock, valued at approximately $2,133,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Godfrey Financial Associates Inc. bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at approximately $25,000. Miller Capital Partners Inc. bought a new position in Wells Fargo & Company during 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. acquired a new position in Wells Fargo & Company in the first quarter worth $28,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $83.83 on Friday. The firm's 50 day moving average is $86.08 and its 200-day moving average is $82.97. The stock has a market capitalization of $253.50 billion, a P/E ratio of 12.18, a P/E/G ratio of 0.91 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its 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 business had revenue of $22.62 billion for the quarter, compared to analysts' expectations of $21.86 billion. During the same period in the previous year, the firm posted $1.60 EPS. The company's quarterly revenue was up 8.6% on a year-over-year basis. Equities research analysts anticipate that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be issued a dividend of $0.50 per share. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, August 7th. Wells Fargo & Company's dividend payout ratio is 29.07%.

Wall Street Analyst Weigh In

WFC has been the topic of several research reports. JPMorgan Chase & Co. increased their price objective 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. Truist Financial lifted their target price on Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, June 26th. UBS Group lowered their target price on Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating for the company in a report on Tuesday, July 7th. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, May 7th. Finally, Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Sunday, June 14th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.61.

Wells Fargo & 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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