Wells Fargo & Company $WFC Shares Bought by HF Advisory Group LLC

Key Points

• HF Advisory Group LLC increased its holdings in Wells Fargo by 16.1%, acquiring an additional 6,738 shares to total 48,644 shares worth approximately $3.89 million.
• A variety of hedge funds, including Ferguson Wellman Capital Management and Baker Tilly Wealth Management, also boosted their stakes in Wells Fargo, indicating a growing institutional interest.
• Wells Fargo recently increased its quarterly dividend from $0.40 to $0.45 per share, marking a 2.2% dividend yield and a payout ratio of 30.82%.

HF Advisory Group LLC raised its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 16.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 48,644 shares of the financial services provider's stock after acquiring an additional 6,738 shares during the quarter. Wells Fargo & Company makes up approximately 1.5% of HF Advisory Group LLC's holdings, making the stock its 13th biggest position. HF Advisory Group LLC's holdings in Wells Fargo & Company were worth $3,897,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Brighton Jones LLC increased its position in Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock valued at $4,652,000 after purchasing an additional 25,436 shares during the period. Woodline Partners LP purchased a new position in Wells Fargo & Company during the 4th quarter valued at about $14,044,000. Voloridge Investment Management LLC bought a new stake in Wells Fargo & Company in the 4th quarter worth approximately $7,024,000. Continuum Advisory LLC lifted its position in Wells Fargo & Company by 2.5% in the fourth quarter. Continuum Advisory LLC now owns 15,919 shares of the financial services provider's stock valued at $1,118,000 after purchasing an additional 392 shares during the last quarter. Finally, Kolinsky Wealth Management LLC purchased a new stake in Wells Fargo & Company in the fourth quarter worth $206,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on WFC. Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Truist Financial boosted their target price on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Raymond James Financial downgraded Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. 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. Finally, Morgan Stanley increased their price objective on Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Ten equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and a consensus target price of $82.56.

Wells Fargo & Company Stock Performance

WFC stock traded up $1.11 during trading hours on Friday, reaching $84.61. The stock had a trading volume of 36,444,763 shares, compared to its average volume of 13,141,861. The stock has a market capitalization of $271.04 billion, a PE ratio of 14.49, a price-to-earnings-growth ratio of 1.32 and a beta of 1.25. The stock has a 50-day simple moving average of $80.44 and a 200 day simple moving average of $75.37. Wells Fargo & Company has a fifty-two week low of $53.31 and a fifty-two week high of $84.93. 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 (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. During the same period in the prior year, the company posted $1.33 earnings per share. The business's revenue for the quarter was up .6% on a year-over-year basis. Analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were issued a $0.45 dividend. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. Wells Fargo & Company's payout ratio is presently 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.