Longfellow Investment Management Co. LLC Takes $2.55 Million Position in Wells Fargo & Company $WFC

Key Points

• Longfellow Investment Management acquired 30,878 Wells Fargo shares worth approximately $2.55 million during the second quarter. Several other institutional investors also initiated positions, with institutions collectively owning 75.90% of the stock.
• Analysts maintain a generally favorable outlook, with Wells Fargo holding a consensus “Moderate Buy” rating and an average price target of $98.61. Recent targets range from $94 to $102.
• Wells Fargo exceeded quarterly expectations, reporting $1.96 in earnings per share and $22.62 billion in revenue, while revenue rose 8.6% year over year. The company also increased its quarterly dividend from $0.45 to $0.50 per share, implying a 2.4% annual yield.

Longfellow Investment Management Co. LLC acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 30,878 shares of the financial services provider's stock, valued at approximately $2,552,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Wealthspan Partners LLC bought a new position in shares of Wells Fargo & Company during the second quarter worth about $919,000. Old West Investment Management LLC bought a new stake in Wells Fargo & Company in the second quarter valued at about $664,000. RW Investment Management LLC acquired a new stake in Wells Fargo & Company during the second quarter valued at approximately $389,000. N.E.W. Advisory Services LLC acquired a new stake in Wells Fargo & Company during the second quarter valued at approximately $2,460,000. Finally, HBK Sorce Advisory LLC bought a new position in Wells Fargo & Company during the 2nd quarter worth approximately $2,133,000. Institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on WFC. Wall Street Zen raised shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Sunday, June 14th. Raymond James Financial reissued a "market perform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. JPMorgan Chase & Co. raised their price target on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the stock a "neutral" rating in a research report on Wednesday, July 29th. Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. Finally, 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. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.61.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $83.83 on Friday. The stock has a market cap of $253.50 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 0.91 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. Wells Fargo & Company has a 12 month low of $72.78 and a 12 month high of $97.76. The stock's 50 day moving average price is $86.08 and its 200 day moving average price is $82.97.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.23. The company had revenue of $22.62 billion during the quarter, compared to analyst estimates of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The business's revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.60 EPS. Equities research analysts anticipate that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a dividend of $0.50 per share. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.4%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 29.07%.

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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