Proficio Capital Partners LLC Invests $1.18 Million in Wells Fargo & Company $WFC

Key Points

• Proficio Capital Partners acquired 14,276 Wells Fargo shares worth approximately $1.18 million in the second quarter. Institutional investors collectively own 75.9% of WFC.
• Wells Fargo reported quarterly earnings of $1.96 per share and revenue of $22.62 billion, surpassing analyst expectations; revenue increased 8.6% year over year.
• The bank raised its quarterly dividend from $0.45 to $0.50 per share, equivalent to an annualized $2.00 dividend and a 2.4% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $98.61.

Proficio Capital Partners LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 14,276 shares of the financial services provider's stock, valued at approximately $1,180,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Godfrey Financial Associates Inc. bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at about $25,000. Miller Capital Partners Inc. bought a new stake in shares of Wells Fargo & Company in the fourth quarter worth about $25,000. Navalign LLC bought a new stake in shares of Wells Fargo & Company in the fourth quarter worth about $26,000. Joseph Group Capital Management purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth about $28,000. Finally, Core Wealth Advisors LLC purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth about $29,000. 75.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Bank of America raised their price target on Wells Fargo & Company from $95.00 to $102.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Sunday, June 14th. Weiss Ratings reiterated a "buy (b)" rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Phillip Securities raised shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Thursday, May 7th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the stock a "neutral" rating in a research report on Wednesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, Wells Fargo & Company has an average rating of "Moderate Buy" and an average price target of $98.61.

Key Headlines Impacting Wells Fargo & Company

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo is stepping up efforts to recruit independent financial advisers after a reported $1.5 billion overhaul of its wealth-management business. Expanding the adviser network could increase assets under management, fee revenue and the division’s long-term growth prospects. Wells Fargo Makes New Push to Recruit Wealth Managers
• Positive Sentiment: A comparison with PNC Financial characterized WFC as offering a lower valuation and improving efficiency, supporting the view that the stock may have additional value potential despite PNC’s stronger growth and dividend yield. Wells Fargo vs. PNC Financial: Which Stock Offers Better Upside Now?
• Neutral Sentiment: The bank’s most recent quarterly results provide a supportive backdrop: earnings and revenue exceeded analyst expectations, with revenue rising year over year. However, the stock’s valuation and outlook remain sensitive to interest rates, loan growth and credit costs.
• Negative Sentiment: Wells Fargo is reportedly foreclosing on Workspace Property Trust’s $1.3 billion property portfolio after falling occupancy and asset values increased financial stress. Recovering collateral could limit losses, but the action underscores commercial real-estate exposure and potential pressure on credit quality. Wells Fargo Forecloses On $1.3B Workspace Property Trust Loan

Wells Fargo & Company Trading Down 0.3%

WFC opened at $85.00 on Friday. The firm has a market cap of $257.04 billion, a P/E ratio of 12.35, a P/E/G ratio of 0.93 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 current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. The stock has a 50-day moving average of $86.19 and a 200 day moving average of $82.68.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.23. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The company had revenue of $22.62 billion for the quarter, compared to analysts' expectations of $21.86 billion. During the same period in the previous year, the firm posted $1.60 earnings per share. The firm's revenue for the quarter was up 8.6% on a year-over-year basis. As a group, research analysts forecast that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be issued a $0.50 dividend. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.45. The ex-dividend date is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.4%. Wells Fargo & Company's dividend payout ratio (DPR) is presently 29.07%.

Wells Fargo & Company 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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