Independent Financial Group LLC Acquires Shares of 21,448 Wells Fargo & Company $WFC

Key Points

• Independent Financial Group LLC opened a new position in Wells Fargo during the first quarter, buying 21,448 shares valued at about $1.71 million.
• Several other hedge funds also increased or initiated stakes in WFC, and institutional investors now own about 75.9% of the company’s shares.
• Analyst sentiment remains constructive: Wells Fargo has a Moderate Buy consensus rating with an average price target of $98.50, while the company recently beat Q2 earnings expectations and continues to pay a quarterly dividend yielding about 2.1%.

Independent Financial Group LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 21,448 shares of the financial services provider's stock, valued at approximately $1,708,000.

Other hedge funds also recently made changes to their positions in the company. Prosperity Consulting Group LLC lifted its stake in Wells Fargo & Company by 4.6% during the first quarter. Prosperity Consulting Group LLC now owns 13,073 shares of the financial services provider's stock worth $1,041,000 after purchasing an additional 570 shares during the last quarter. Frazier Financial Advisors LLC raised its holdings in shares of Wells Fargo & Company by 18.2% during the first quarter. Frazier Financial Advisors LLC now owns 1,815 shares of the financial services provider's stock worth $144,000 after purchasing an additional 279 shares during the period. Aware Super Pty Ltd as trustee of Aware Super bought a new position in shares of Wells Fargo & Company in the 1st quarter worth about $18,023,000. W.G. Shaheen & Associates DBA Whitney & Co lifted its position in shares of Wells Fargo & Company by 26.8% in the 1st quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 10,323 shares of the financial services provider's stock worth $822,000 after buying an additional 2,183 shares during the last quarter. Finally, Marks Group Wealth Management Inc boosted its holdings in shares of Wells Fargo & Company by 1.4% in the 1st quarter. Marks Group Wealth Management Inc now owns 37,579 shares of the financial services provider's stock valued at $2,992,000 after buying an additional 504 shares during the period. Institutional investors and hedge funds own 75.90% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Truist Financial boosted their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, June 26th. Jefferies Financial Group began coverage on shares of Wells Fargo & Company in a report on Thursday, March 26th. They issued a "buy" rating and a $100.00 target price on the stock. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, May 7th. Keefe, Bruyette & Woods lowered their target price on Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating for the company in a report on Wednesday, July 15th. Finally, HSBC upgraded Wells Fargo & Company from a "hold" rating to a "buy" rating and set a $94.00 price target on the stock in a research report on Wednesday, April 1st. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $98.50.

Key Wells Fargo & Company News

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo reported stronger-than-expected Q2 results, with adjusted EPS of $1.96 topping Wall Street’s $1.72 estimate, driven by higher fee income, investment banking activity and net interest income. Wells Fargo CEO Says America Is Still Spending Big—Even With Inflation Concerns
• Positive Sentiment: Wells Fargo was upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about its earnings outlook and adding another bullish signal for investors. Wells Fargo (WFC) Upgraded to Buy: Here's What You Should Know
• Positive Sentiment: Analysts remain constructive after the bank’s earnings beat, with industry commentary highlighting strong Q2 performance across major banks including Wells Fargo. Revving Up Returns: Big Banks Race Through the Rate Plateau (WFC)
• Neutral Sentiment: Wells Fargo also appeared in commentary noting that big bank earnings beat estimates, but some of the profit strength came from lower loan-loss reserves, which may be less repeatable going forward. Revving Up Returns: Big Banks Race Through the Rate Plateau (WFC)
• Neutral Sentiment: Wells Fargo’s housing-market index showed weaker homebuilder confidence in July, a modest macroeconomic headwind for the bank’s mortgage-related business. U.S. Homebuilder Confidence Unexpectedly Deteriorates In July

Wells Fargo & Company Stock Up 0.0%

WFC opened at $87.52 on Monday. The stock's 50 day moving average price is $81.44 and its 200 day moving average price is $83.69. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market cap of $267.82 billion, a P/E ratio of 12.72, a P/E/G ratio of 0.96 and a beta of 0.92. Wells Fargo & Company has a 12 month low of $72.78 and a 12 month high of $97.76.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were issued a $0.45 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $1.80 annualized dividend and a yield of 2.1%. Wells Fargo & Company's dividend payout ratio is presently 26.16%.

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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