Park Avenue Securities LLC Acquires New Stake in Wells Fargo & Company $WFC

Key Points

• Park Avenue Securities LLC acquired a new stake in Wells Fargo & Company, purchasing 145,656 shares valued at approximately $11.67 million during the second quarter.
• Wells Fargo recently declared a quarterly dividend increase from $0.40 to $0.45, resulting in an annualized dividend yield of 2.1%.
• Wall Street analysts have given Wells Fargo a consensus rating of "Moderate Buy" with a target price of $82.56, with ten analysts rating it as a Buy.

Park Avenue Securities LLC acquired a new stake in Wells Fargo & Company (NYSE:WFC - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm acquired 145,656 shares of the financial services provider's stock, valued at approximately $11,670,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CBIZ Investment Advisory Services LLC grew 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 valued at $27,000 after buying an additional 322 shares during the last quarter. Motco grew 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 valued at $29,000 after buying an additional 326 shares during the last quarter. Accent Capital Management LLC purchased a new position in Wells Fargo & Company in the 1st quarter valued at $29,000. 1248 Management LLC purchased a new position in Wells Fargo & Company in the 1st quarter valued at $31,000. Finally, Stone House Investment Management LLC purchased a new stake in shares of Wells Fargo & Company during the 1st quarter worth $34,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

WFC has been the topic of several research analyst reports. Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Citigroup restated a "neutral" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Wall Street Zen upgraded shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Friday, August 22nd. Bank of America boosted their target price on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Finally, Evercore ISI restated an "outperform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $82.56.

Wells Fargo & Company Trading Up 1.3%

NYSE WFC opened at $84.61 on Monday. Wells Fargo & Company has a 12 month low of $53.31 and a 12 month high of $84.93. The company has a 50-day moving average of $80.44 and a 200-day moving average of $75.40. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The company has a market cap of $271.04 billion, a P/E ratio of 14.49, a P/E/G ratio of 1.31 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 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 company had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. During the same quarter in the prior year, the company posted $1.33 EPS. The company's quarterly revenue was up .6% compared to the same quarter last year. As a group, equities analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were issued 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 2.1%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio (DPR) is currently 30.82%.

Wells Fargo & Company 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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