Principle Wealth Partners LLC Acquires New Holdings in Wells Fargo & Company $WFC

Key Points

• Principle Wealth Partners acquired 15,296 Wells Fargo shares worth approximately $1.26 million during the second quarter. Institutional investors collectively own 75.9% of WFC.
• Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $98.61, implying potential upside from the stock’s $83.83 opening price.
• Wells Fargo exceeded quarterly earnings and revenue expectations, reporting $1.96 EPS and $22.62 billion in revenue. The company also raised its quarterly dividend to $0.50 per share, or a 2.4% annualized yield.

Principle Wealth Partners LLC purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 15,296 shares of the financial services provider's stock, valued at approximately $1,264,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in WFC. Godfrey Financial Associates Inc. purchased a new position in shares of Wells Fargo & Company during the 4th quarter worth $25,000. Miller Capital Partners Inc. bought a new position in shares of Wells Fargo & Company in the fourth quarter worth about $25,000. Navalign LLC bought a new position in Wells Fargo & Company in the 4th quarter worth approximately $26,000. Joseph Group Capital Management bought a new position in shares of Wells Fargo & Company during the fourth quarter worth $28,000. Finally, Phillip James Consulting Co. bought a new position in shares of Wells Fargo & Company during the 1st quarter valued at about $28,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on WFC shares. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, May 7th. Robert W. Baird boosted their target price on Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Wall Street Zen raised shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research note on Sunday, June 14th. Bank of America increased their price objective on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. Finally, Truist Financial increased their target price on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, June 26th. Two equities research 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $98.61.

Wells Fargo & Company Stock Up 0.2%

Shares of WFC stock opened at $83.83 on Friday. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76. The company has a market cap of $253.50 billion, a price-to-earnings ratio of 12.18, a price-to-earnings-growth ratio of 0.91 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. The stock's fifty day moving average price is $86.08 and its 200 day moving average price is $82.97.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.23. The firm 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%. The company's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.60 earnings per share. On average, research analysts expect 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. Shareholders of record on Friday, August 7th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.4%. The ex-dividend date is Friday, August 7th. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. Wells Fargo & Company's dividend payout ratio (DPR) is presently 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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