Legacy Private Trust Co. Purchases 15,709 Shares of Wells Fargo & Company $WFC

Key Points

• Legacy Private Trust Co. increased its holdings in Wells Fargo by 14.1%, owning 126,776 shares worth approximately $10.2 million after purchasing an additional 15,709 shares in the 2nd quarter.
• Wells Fargo recently announced an increase in its quarterly dividend, raising it from $0.40 to $0.45, resulting in a 2.2% dividend yield.
• According to analyst ratings, Wells Fargo has a consensus rating of "Moderate Buy" with a target price averaging $82.56.

Legacy Private Trust Co. grew its holdings in Wells Fargo & Company (NYSE:WFC) by 14.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 126,776 shares of the financial services provider's stock after purchasing an additional 15,709 shares during the quarter. Legacy Private Trust Co.'s holdings in Wells Fargo & Company were worth $10,157,000 as of its most recent filing with the SEC.

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

Analyst Ratings Changes

WFC has been the subject of a number of research reports. Wall Street Zen raised shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Friday, August 22nd. Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Bank of America lifted their target price on 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 lowered their price target on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Finally, Citigroup reaffirmed a "neutral" 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 issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $82.56.

Wells Fargo & Company Stock Up 0.3%

NYSE WFC opened at $81.46 on Monday. Wells Fargo & Company has a 1-year low of $51.75 and a 1-year high of $84.83. The company has a market capitalization of $260.95 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 1.27 and a beta of 1.25. The stock's 50 day moving average is $80.38 and its two-hundred day moving average is $75.14. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results 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. The business had revenue of $20.82 billion during the quarter, compared to analysts' expectations of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.Wells Fargo & Company's quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.33 EPS. Equities analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were paid 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 dividend payout ratio is presently 30.82%.

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.