Intelligence Driven Advisers LLC Buys 3,861 Shares of Wells Fargo & Company $WFC

Key Points

• Intelligence Driven Advisers LLC increased its holdings in Wells Fargo & Company by 48.6%, owning 11,805 shares valued at approximately $946,000 as a result of acquiring an additional 3,861 shares during the second quarter.
• Wells Fargo's most recent quarterly earnings report showed $1.54 earnings per share, exceeding the consensus estimate of $1.41, with a revenue of $20.82 billion, which was slightly below expectations.
• The company announced a quarterly dividend of $0.45, raising its annualized dividend to $1.80 per share, which reflects a dividend yield of 2.2%.

Intelligence Driven Advisers LLC increased its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 48.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,805 shares of the financial services provider's stock after acquiring an additional 3,861 shares during the period. Intelligence Driven Advisers LLC's holdings in Wells Fargo & Company were worth $946,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of WFC. CBIZ Investment Advisory Services LLC grew its stake in Wells Fargo & Company by 585.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 322 shares in the last quarter. Motco grew its stake in shares of Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after buying an additional 326 shares in the last quarter. Accent Capital Management LLC purchased a new position in shares of Wells Fargo & Company in the 1st quarter worth $29,000. 1248 Management LLC purchased a new position in shares of Wells Fargo & Company during the 1st quarter worth about $31,000. Finally, Stone House Investment Management LLC purchased a new position in shares of Wells Fargo & Company during the 1st quarter worth about $34,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $81.39 on Wednesday. The firm's fifty day simple moving average is $80.36 and its 200-day simple moving average is $75.20. The stock has a market capitalization of $260.73 billion, a price-to-earnings ratio of 13.94, a PEG ratio of 1.27 and a beta of 1.25. Wells Fargo & Company has a 12 month low of $53.31 and a 12 month high of $84.83. 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, beating the consensus estimate of $1.41 by $0.13. The company had revenue of $20.82 billion for the quarter, compared to analysts' expectations of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. Wells Fargo & Company's revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.33 EPS. As a group, equities analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were given a $0.45 dividend. The ex-dividend date was Friday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is presently 30.82%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Truist Financial boosted their price target on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Bank of America lifted their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. The Goldman Sachs Group dropped their target price on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Morgan Stanley boosted their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 4th. Finally, Evercore ISI reaffirmed an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Ten 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.com, the company presently has an average rating of "Moderate Buy" and an average price target of $82.56.

About Wells Fargo & Company

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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