Perigon Wealth Management LLC Buys New Position in Wells Fargo & Company $WFC

Key Points

• Perigon Wealth Management acquired 138,676 Wells Fargo shares in the second quarter, valued at approximately $11.46 million. Institutional investors and hedge funds collectively own 75.9% of WFC.
• Analysts maintain a generally positive outlook, with Wells Fargo holding a consensus “Moderate Buy” rating and an average price target of $98.61; recent target prices range from $92 to $102.
• Wells Fargo exceeded quarterly earnings and revenue expectations, reporting $1.96 EPS and $22.62 billion in revenue, while increasing its quarterly dividend from $0.45 to $0.50 per share.

Perigon Wealth Management LLC bought a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 138,676 shares of the financial services provider's stock, valued at approximately $11,460,000.

Several other large investors have also recently bought and sold shares of WFC. Bryn Mawr Trust Advisors LLC bought a new position in shares of Wells Fargo & Company in the second quarter valued at $658,000. Swiss Life Asset Management Ltd lifted its position in shares of Wells Fargo & Company by 4.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 350,567 shares of the financial services provider's stock valued at $32,673,000 after acquiring an additional 14,168 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Wells Fargo & Company by 4.4% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 412,511 shares of the financial services provider's stock worth $38,446,000 after acquiring an additional 17,302 shares in the last quarter. Norges Bank bought a new stake in shares of Wells Fargo & Company during the 4th quarter worth $4,512,563,000. Finally, Winning Points Advisors LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth $3,384,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on WFC. Bank of America boosted their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Robert W. Baird boosted their price objective on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "neutral" rating in a report on Wednesday, July 15th. Truist Financial upped their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, June 26th. Keefe, Bruyette & Woods dropped their target price on shares of Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating on the stock in a research report on Wednesday, July 15th. Finally, Wall Street Zen upgraded shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Sunday, June 14th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.61.

Wells Fargo & Company Trading Up 0.2%

Shares of NYSE:WFC opened at $83.83 on Friday. The firm has a fifty day moving average of $86.08 and a two-hundred day moving average of $82.97. The firm has a market capitalization of $253.50 billion, a P/E ratio of 12.18, a price-to-earnings-growth ratio of 0.91 and a beta of 0.92. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. 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 (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, topping analysts' consensus estimates of $1.73 by $0.23. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The business had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. During the same period in the prior year, the business posted $1.60 earnings per share. Wells Fargo & Company's revenue for the quarter was up 8.6% compared to the same quarter last year. On average, equities analysts expect that Wells Fargo & Company will post 7.26 EPS for the current fiscal 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 given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Friday, August 7th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.45. Wells Fargo & Company's payout ratio is currently 29.07%.

Wells Fargo & 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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