N.E.W. Advisory Services LLC Makes New $2.46 Million Investment in Wells Fargo & Company $WFC

Key Points

• N.E.W. Advisory Services acquired 29,767 Wells Fargo shares worth approximately $2.46 million in the second quarter. Institutional investors collectively own 75.9% of the company.
• Analysts maintain a generally positive outlook, with Wells Fargo receiving a “Moderate Buy” consensus rating and an average price target of $98.61.
• Wells Fargo beat quarterly earnings and revenue expectations, while revenue rose 8.6% year over year. The bank also increased its quarterly dividend to $0.50 per share, representing a 2.4% annual yield.

N.E.W. Advisory Services LLC bought a new position in Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 29,767 shares of the financial services provider's stock, valued at approximately $2,460,000.

A number of other institutional investors have also made changes to their positions in WFC. Bryn Mawr Trust Advisors LLC acquired a new stake in shares of Wells Fargo & Company during the second quarter worth $658,000. Swiss Life Asset Management Ltd lifted its position in shares of Wells Fargo & Company by 4.2% in the 4th quarter. Swiss Life Asset Management Ltd now owns 350,567 shares of the financial services provider's stock worth $32,673,000 after buying an additional 14,168 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Wells Fargo & Company by 4.4% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 412,511 shares of the financial services provider's stock valued at $38,446,000 after buying an additional 17,302 shares during the period. Norges Bank acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at about $4,512,563,000. Finally, Winning Points Advisors LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $3,384,000. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Robert W. Baird increased their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 15th. Wall Street Zen upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Sunday, June 14th. JPMorgan Chase & Co. upped their target price on Wells Fargo & Company from $93.50 to $95.50 and gave the company a "neutral" rating in a report on Wednesday, July 29th. Truist Financial increased their price target on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a "buy" rating in a research report on Friday, June 26th. Finally, UBS Group cut their price target on Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating on the stock in a report on Tuesday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $98.61.

Wells Fargo & Company Stock Performance

WFC stock opened at $83.83 on Friday. The company has a 50-day simple moving average of $86.08 and a 200 day simple moving average of $82.97. The company has a market capitalization of $253.50 billion, a P/E ratio of 12.18, a PEG ratio of 0.91 and a beta of 0.92. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, topping analysts' consensus estimates of $1.73 by $0.23. The company had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. Wells Fargo & Company's revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.60 EPS. Sell-side analysts predict 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 declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be given a dividend of $0.50 per share. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. The ex-dividend date is Friday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. Wells Fargo & Company's payout ratio is 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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