Wells Fargo & Company $WFC Shares Acquired by Promethium Advisors LLC

Key Points

• Promethium Advisors LLC increased its holdings in Wells Fargo by 62.9%, acquiring an additional 5,285 shares, bringing their total ownership to 13,689 shares valued at $983,000.
• Wells Fargo recently reported $1.54 EPS for the quarter, surpassing analysts' expectations, while also announcing an increase in its quarterly dividend from $0.40 to $0.45 per share.
• Bank of America raised their price target on Wells Fargo shares from $83.00 to $90.00, reaffirming a "buy" rating, with a current average rating of "Moderate Buy" among analysts.

Promethium Advisors LLC increased its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 62.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,689 shares of the financial services provider's stock after purchasing an additional 5,285 shares during the period. Promethium Advisors LLC's holdings in Wells Fargo & Company were worth $983,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Safeguard Investment Advisory Group LLC increased its holdings in shares of Wells Fargo & Company by 2.4% in the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock worth $410,000 after buying an additional 137 shares during the last quarter. Summit Wealth & Retirement Planning Inc. boosted its position in Wells Fargo & Company by 4.3% in the 1st quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider's stock valued at $241,000 after buying an additional 139 shares during the period. Nwam LLC boosted its position in Wells Fargo & Company by 1.6% in the 1st quarter. Nwam LLC now owns 8,806 shares of the financial services provider's stock valued at $632,000 after buying an additional 142 shares during the period. PGIM Custom Harvest LLC lifted its position in shares of Wells Fargo & Company by 3.5% in the 1st quarter. PGIM Custom Harvest LLC now owns 4,225 shares of the financial services provider's stock worth $303,000 after purchasing an additional 142 shares during the period. Finally, Tradition Wealth Management LLC lifted its position in shares of Wells Fargo & Company by 0.5% in the 1st quarter. Tradition Wealth Management LLC now owns 30,420 shares of the financial services provider's stock worth $2,184,000 after purchasing an additional 143 shares during the period. 75.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on WFC shares. Truist Financial increased 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. Dbs Bank raised shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. The Goldman Sachs Group dropped 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 research report on Wednesday, July 16th. Phillip Securities lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Finally, Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Ten investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, Wells Fargo & Company presently has an average rating of "Moderate Buy" and a consensus target price of $82.56.

Wells Fargo & Company Stock Down 1.6%

WFC traded down $1.28 during trading hours on Wednesday, hitting $80.51. 11,173,017 shares of the company's stock were exchanged, compared to its average volume of 12,728,267. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 12-month low of $50.22 and a 12-month high of $84.83. The firm has a market cap of $257.89 billion, a P/E ratio of 13.79, a price-to-earnings-growth ratio of 1.28 and a beta of 1.25. The firm has a 50 day moving average of $80.51 and a 200 day moving average of $75.06.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.13. The business 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 company's revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.33 EPS. Analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were issued a $0.45 dividend. The ex-dividend date was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is 30.82%.

Wells Fargo & Company Company Profile

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.