Marks Group Wealth Management Inc Has $2.68 Million Stake in Wells Fargo & Company $WFC

Key Points

• Marks Group Wealth Management Inc increased its stake in Wells Fargo by 10.8%, bringing their total holdings to 33,418 shares valued at approximately $2.68 million.
• Wells Fargo's recent quarterly earnings exceeded analysts' expectations with an EPS of $1.54, while revenues were slightly below forecasts at $20.82 billion.
• The company has announced a quarterly dividend increase to $0.45, representing an annual yield of 2.2%, up from the previous $0.40 dividend.

Marks Group Wealth Management Inc boosted its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 10.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 33,418 shares of the financial services provider's stock after purchasing an additional 3,245 shares during the quarter. Marks Group Wealth Management Inc's holdings in Wells Fargo & Company were worth $2,677,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Wealth Management Partners LLC grew its position in Wells Fargo & Company by 3.5% in the 2nd 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 period. Verum Partners LLC grew its position in Wells Fargo & Company by 1.8% in the 2nd quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider's stock valued at $582,000 after purchasing an additional 128 shares during the period. Motive Wealth Advisors grew its position in Wells Fargo & Company by 3.7% in the 2nd quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider's stock valued at $293,000 after purchasing an additional 129 shares during the period. Lynch & Associates IN grew its position in Wells Fargo & Company by 2.0% in the 2nd quarter. Lynch & Associates IN now owns 6,729 shares of the financial services provider's stock valued at $539,000 after purchasing an additional 135 shares during the period. Finally, Financial Management Professionals Inc. grew its position in Wells Fargo & Company by 19.3% in the 2nd quarter. Financial Management Professionals Inc. now owns 854 shares of the financial services provider's stock valued at $68,000 after purchasing an additional 138 shares during the period. Institutional investors and hedge funds own 75.90% of the company's stock.

Wall Street Analyst Weigh In

WFC has been the topic of several recent analyst reports. Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. The Goldman Sachs Group dropped their price objective 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. Truist Financial raised their price objective on Wells Fargo & Company from $86.00 to $88.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. Evercore ISI raised their price objective on Wells Fargo & Company from $94.00 to $98.00 and gave the company an "outperform" rating in a research note on Tuesday, September 30th. Finally, Cowen restated a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, Wells Fargo & Company presently has an average rating of "Moderate Buy" and a consensus target price of $83.74.

Wells Fargo & Company Trading Up 0.2%

Shares of Wells Fargo & Company stock opened at $80.63 on Monday. Wells Fargo & Company has a 52-week low of $55.98 and a 52-week high of $86.65. The stock's 50-day simple moving average is $80.77 and its 200 day simple moving average is $76.33. The stock has a market capitalization of $258.28 billion, a P/E ratio of 13.81, a P/E/G ratio of 1.24 and a beta of 1.25. 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 (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 analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business had revenue of $20.82 billion for the quarter, compared to analysts' expectations of $20.83 billion. During the same period in the previous year, the business posted $1.33 EPS. The firm's quarterly revenue was up .6% compared to the same quarter last year. As a group, research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors 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 dividend on an annualized basis and a yield of 2.2%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio (DPR) is presently 30.82%.

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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