Phillips Wealth Planners LLC Invests $278,000 in Wells Fargo & Company $WFC

Key Points

• Phillips Wealth Planners LLC acquired 3,403 shares of Wells Fargo & Company in Q2, representing an investment of approximately $278,000.
• Wells Fargo recently increased its quarterly dividend from $0.40 to $0.45, yielding an annualized dividend of $1.80 at a payout ratio of 30.82%.
• Wells Fargo reported $1.54 earnings per share in its last quarter, exceeding analysts' expectations of $1.41, with a reported revenue of $20.82 billion.

Phillips Wealth Planners LLC acquired a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,403 shares of the financial services provider's stock, valued at approximately $278,000.

Other large investors have also recently added to or reduced their stakes in the company. International Private Wealth Advisors LLC acquired a new position in Wells Fargo & Company in the second quarter valued at approximately $246,000. Kapstone Financial Advisors LLC bought a new stake in shares of Wells Fargo & Company during the second quarter worth $205,000. TCV Trust & Wealth Management Inc. grew its position in Wells Fargo & Company by 8.6% in the second quarter. TCV Trust & Wealth Management Inc. now owns 3,776 shares of the financial services provider's stock valued at $303,000 after purchasing an additional 300 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its position in Wells Fargo & Company by 6.9% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 37,122 shares of the financial services provider's stock valued at $2,972,000 after purchasing an additional 2,400 shares in the last quarter. Finally, Kingstone Capital Partners Texas LLC bought a new position in shares of Wells Fargo & Company in the 2nd quarter valued at about $2,451,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Up 1.3%

Shares of WFC traded up $1.11 during trading hours on Friday, hitting $84.61. The company had a trading volume of 36,444,763 shares, compared to its average volume of 13,141,861. Wells Fargo & Company has a 52-week low of $53.31 and a 52-week high of $84.93. The firm has a fifty day moving average price of $80.44 and a 200-day moving average price of $75.38. The stock has a market capitalization of $271.04 billion, a price-to-earnings ratio of 14.49, a P/E/G ratio of 1.32 and a beta of 1.25. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. During the same period in the previous year, the company posted $1.33 EPS. The firm's revenue was up .6% on a year-over-year basis. On average, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS 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. Investors of record on Friday, August 8th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This is an increase 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 2.1%. Wells Fargo & Company's dividend payout ratio is 30.82%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on WFC. Wall Street Zen upgraded shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Friday, August 22nd. The Goldman Sachs Group reduced their target price on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Raymond James Financial downgraded shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 7th. Truist Financial boosted their target price on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Finally, Bank of America upped their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Ten research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $82.56.

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.