Lewis Asset Management LLC Acquires New Position in Wells Fargo & Company $WFC

Key Points

• Lewis Asset Management LLC invested approximately $353,000 in Wells Fargo & Company, acquiring 4,407 shares during the second quarter.
• Wells Fargo's recent earnings report showed earnings per share of $1.54, exceeding estimates, with a revenue of $20.82 billion, reflecting a 0.6% increase from the previous year.
• The company also increased its quarterly dividend to $0.45 per share, representing an annual yield of 2.1% after a prior dividend of $0.40.

Lewis Asset Management LLC acquired a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 4,407 shares of the financial services provider's stock, valued at approximately $353,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Park Avenue Securities LLC bought a new position in Wells Fargo & Company during the 2nd quarter worth $11,670,000. Physician Wealth Advisors Inc. lifted its position in Wells Fargo & Company by 2.7% during the 2nd quarter. Physician Wealth Advisors Inc. now owns 7,303 shares of the financial services provider's stock worth $585,000 after buying an additional 192 shares in the last quarter. Wealth Management Partners LLC increased its holdings in Wells Fargo & Company by 3.5% in the second quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider's stock valued at $313,000 after purchasing an additional 128 shares during the last quarter. Skyline Advisors Inc. acquired a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at about $220,000. Finally, Congress Park Capital LLC increased its stake in shares of Wells Fargo & Company by 13.0% during the 2nd quarter. Congress Park Capital LLC now owns 36,324 shares of the financial services provider's stock worth $2,910,000 after purchasing an additional 4,173 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC traded up $0.53 during trading on Monday, reaching $85.17. The company had a trading volume of 14,543,087 shares, compared to its average volume of 14,401,850. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. Wells Fargo & Company has a twelve month low of $53.31 and a twelve month high of $85.28. The firm has a market capitalization of $272.85 billion, a PE ratio of 14.58, a price-to-earnings-growth ratio of 1.31 and a beta of 1.25. The firm's fifty day moving average is $80.47 and its 200 day moving average is $75.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share 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 net margin of 16.82% and a return on equity of 12.29%. Wells Fargo & Company's revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the company earned $1.33 earnings per share. On average, equities analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were given a $0.45 dividend. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's dividend payout ratio (DPR) is presently 30.82%.

Wall Street Analyst Weigh In

WFC has been the subject of several recent analyst reports. Piper Sandler reiterated an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Citigroup reissued a "neutral" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Evercore ISI restated an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Finally, Morgan Stanley boosted their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research report on Wednesday, June 4th. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $82.56.

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.