Patriot Financial Group Insurance Agency LLC Grows Position in Wells Fargo & Company $WFC

Key Points

• Patriot Financial Group Insurance Agency LLC has increased its stake in Wells Fargo & Company by 14.1%, acquiring 66,950 shares worth approximately $5.36 million in the most recent quarter.
• Wells Fargo recently reported a quarterly earnings per share of $1.54, surpassing analysts' expectations of $1.41, and generated a revenue of $20.82 billion, consistent with prior estimates.
• The company has raised its quarterly dividend from $0.40 to $0.45 per share, resulting in an annualized yield of 2.2% and a dividend payout ratio of 30.82%.

Patriot Financial Group Insurance Agency LLC raised its holdings in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 14.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 66,950 shares of the financial services provider's stock after acquiring an additional 8,261 shares during the period. Patriot Financial Group Insurance Agency LLC's holdings in Wells Fargo & Company were worth $5,364,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of WFC. CBIZ Investment Advisory Services LLC lifted its stake in Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 322 shares during the period. Motco lifted its stake in Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 326 shares during the period. Accent Capital Management LLC acquired a new stake in Wells Fargo & Company during the 1st quarter valued at approximately $29,000. 1248 Management LLC acquired a new stake in Wells Fargo & Company during the 1st quarter valued at approximately $31,000. Finally, Stone House Investment Management LLC acquired a new stake in Wells Fargo & Company during the 1st quarter valued at approximately $34,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $80.47 on Friday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The company has a fifty day moving average of $80.84 and a two-hundred day moving average of $76.22. The stock has a market capitalization of $257.79 billion, a PE ratio of 13.78, a P/E/G ratio of 1.25 and a beta of 1.25. Wells Fargo & Company has a fifty-two week low of $54.40 and a fifty-two week high of $86.65.

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 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. The company had revenue of $20.82 billion during the quarter, compared to analysts' expectations of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The firm's revenue for the quarter was up .6% on a year-over-year basis. During the same period in the prior year, the business posted $1.33 earnings per share. As a group, research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were given 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 yield of 2.2%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company's dividend payout ratio (DPR) is currently 30.82%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Citigroup lifted their price objective on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a "neutral" rating in a research note on Tuesday, September 23rd. The Goldman Sachs Group decreased their target price on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Phillip Securities cut shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Finally, Raymond James Financial cut shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Nine equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $83.74.

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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