McKinley Carter Wealth Services Inc. Increases Holdings in Wells Fargo & Company $WFC

Key Points

• McKinley Carter Wealth Services Inc. increased its holdings in Wells Fargo & Company by 359.7% during the 2nd quarter, bringing its total shares to 21,473, valued at approximately $1.72 million.
• Wells Fargo's latest earnings report revealed an EPS of $1.54, exceeding analysts' expectations, and a revenue of $20.82 billion for the quarter.
• The company recently raised its quarterly dividend to $0.45 per share, marking an increase from the previous dividend of $0.40, with a yield of 2.3%.

McKinley Carter Wealth Services Inc. grew its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 359.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,473 shares of the financial services provider's stock after buying an additional 16,802 shares during the quarter. McKinley Carter Wealth Services Inc.'s holdings in Wells Fargo & Company were worth $1,720,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. McElhenny Sheffield Capital Management LLC purchased a new stake in Wells Fargo & Company in the 2nd quarter worth about $27,000. CBIZ Investment Advisory Services LLC raised its position 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 worth $27,000 after purchasing an additional 322 shares during the period. Accent Capital Management LLC purchased a new stake in Wells Fargo & Company in the 1st quarter worth about $29,000. Motco raised its position in Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after purchasing an additional 326 shares during the period. Finally, Nova Wealth Management Inc. raised its position in Wells Fargo & Company by 112.9% in the 2nd quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider's stock worth $34,000 after purchasing an additional 227 shares during the period. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC opened at $79.79 on Friday. The firm has a market cap of $255.60 billion, a PE ratio of 13.66, a price-to-earnings-growth ratio of 1.29 and a beta of 1.25. The firm's 50 day simple moving average is $80.63 and its 200-day simple moving average is $76.48. Wells Fargo & Company has a one year low of $57.35 and a one year high of $86.65. 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 released 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 net margin of 16.82% and a return on equity of 12.29%. The firm had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. During the same period last year, the firm earned $1.33 earnings per share. The company's quarterly revenue was up .6% on a year-over-year basis. As a group, equities analysts predict that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were paid a dividend of $0.45 per share. 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 dividend yield of 2.3%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's payout ratio is 30.82%.

Analysts Set New Price Targets

WFC has been the topic of a number of recent analyst reports. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. UBS Group reduced their price objective on shares of Wells Fargo & Company from $95.00 to $93.00 and set a "buy" rating on the stock in a research report on Tuesday. Weiss Ratings raised shares of Wells Fargo & Company from a "hold (c)" rating to a "buy (b)" rating in a research report on Wednesday. Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Finally, Evercore ISI raised their target price on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 30th. Nine analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $85.41.

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.

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