Meeder Advisory Services Inc. Invests $6.25 Million in Wells Fargo & Company $WFC

Meeder Advisory Services Inc. purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 75,625 shares of the financial services provider's stock, valued at approximately $6,250,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Nixon Peabody Trust Co. lifted its stake in Wells Fargo & Company by 3.6% in the fourth quarter. Nixon Peabody Trust Co. now owns 3,351 shares of the financial services provider's stock worth $312,000 after purchasing an additional 115 shares during the last quarter. MFA Wealth Services boosted its position in shares of Wells Fargo & Company by 0.7% during the second quarter. MFA Wealth Services now owns 16,712 shares of the financial services provider's stock valued at $1,381,000 after buying an additional 115 shares during the period. Simmons Bank grew its stake in shares of Wells Fargo & Company by 1.9% during the fourth quarter. Simmons Bank now owns 6,359 shares of the financial services provider's stock valued at $593,000 after buying an additional 116 shares during the last quarter. Wood Tarver Financial Group LLC grew its stake in shares of Wells Fargo & Company by 1.6% during the fourth quarter. Wood Tarver Financial Group LLC now owns 7,754 shares of the financial services provider's stock valued at $722,000 after buying an additional 120 shares during the last quarter. Finally, Hidden Cove Wealth Management LLC raised its holdings in shares of Wells Fargo & Company by 1.8% in the second quarter. Hidden Cove Wealth Management LLC now owns 6,846 shares of the financial services provider's stock worth $566,000 after buying an additional 124 shares during the period. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Up 0.2%

Shares of NYSE WFC opened at $83.83 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market capitalization 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 stock has a 50 day moving average price of $86.08 and a 200 day moving average price of $82.97. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.23. The company had revenue of $22.62 billion for the quarter, compared to analysts' expectations of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.Wells Fargo & Company's revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.60 earnings per share. Sell-side analysts expect that Wells Fargo & Company will post 7.26 earnings per share for the current 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 issued a $0.50 dividend. The ex-dividend date is Friday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.45. Wells Fargo & Company's dividend payout ratio (DPR) is currently 29.07%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on WFC shares. Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, May 7th. UBS Group cut their price objective on Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating on the stock in a research report on Tuesday, July 7th. Morgan Stanley increased their target price on Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. Weiss Ratings reiterated a "buy (b)" rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Finally, Raymond James Financial reissued a "market perform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Two investment 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $98.61.

About Wells Fargo & Company

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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