LeConte Wealth Management LLC Invests $267,000 in Wells Fargo & Company $WFC

Key Points

• LeConte Wealth Management LLC invested approximately $267,000 in Wells Fargo & Company by purchasing 3,328 shares in the second quarter.
• Wells Fargo reported earnings of $1.54 per share for the last quarter, surpassing estimates, and had a revenue of $20.82 billion.
• The company recently increased its quarterly dividend to $0.45 per share, which represents an annual yield of 2.1% and a payout ratio of 30.82%.

LeConte Wealth Management LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 3,328 shares of the financial services provider's stock, valued at approximately $267,000.

A number of other hedge funds and other institutional investors have also modified their holdings of WFC. CBIZ Investment Advisory Services LLC grew its holdings in shares of 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 worth $27,000 after buying an additional 322 shares in the last quarter. Motco grew its holdings in shares of Wells Fargo & Company by 397.6% during the first 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 stake in shares of Wells Fargo & Company during the first quarter worth about $29,000. 1248 Management LLC purchased a new stake in shares of Wells Fargo & Company during the first quarter worth about $31,000. Finally, Stone House Investment Management LLC purchased a new stake in shares of Wells Fargo & Company during the first quarter worth about $34,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

WFC opened at $84.18 on Thursday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 52-week low of $53.31 and a 52-week high of $86.65. The company has a 50 day moving average of $80.66 and a two-hundred day moving average of $75.62. The company has a market cap of $269.65 billion, a P/E ratio of 14.41, a P/E/G ratio of 1.30 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. During the same period in the previous year, the firm earned $1.33 earnings per share. Wells Fargo & Company's revenue for the quarter was up .6% on a year-over-year basis. On average, analysts expect 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. Shareholders of record on Friday, August 8th were paid a dividend of $0.45 per share. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's payout ratio is presently 30.82%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Raymond James Financial lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report 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. Dbs Bank upgraded shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Finally, Piper Sandler reiterated an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Ten analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and a consensus target price of $82.97.

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.

Want to see what other hedge funds are holding WFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wells Fargo & Company (NYSE:WFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.