Redwood Investment Management LLC Makes New Investment in Wells Fargo & Company $WFC

Key Points

• Redwood Investment Management LLC has established a new stake in Wells Fargo & Company, acquiring 6,397 shares valued at roughly $459,000 in the first quarter of 2023.
• Wells Fargo recently declared an increase in its quarterly dividend to $0.45 per share, up from $0.40, providing a yield of 2.2%.
• The company reported $1.54 EPS for the last quarter, surpassing analysts' expectations of $1.41, while its revenue showed a slight increase of 0.6% year-over-year.

Redwood Investment Management LLC bought a new position in Wells Fargo & Company (NYSE:WFC - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm bought 6,397 shares of the financial services provider's stock, valued at approximately $459,000.

Other institutional investors have also modified their holdings of the company. BNP Paribas purchased a new position in Wells Fargo & Company during the fourth quarter worth about $28,000. Motco increased its holdings in shares of Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after buying an additional 326 shares during the last quarter. Accent Capital Management LLC acquired a new stake in shares of Wells Fargo & Company during the 1st quarter worth approximately $29,000. Parvin Asset Management LLC purchased a new stake in shares of Wells Fargo & Company during the 4th quarter valued at approximately $32,000. Finally, Stone House Investment Management LLC acquired a new position in Wells Fargo & Company in the first quarter valued at approximately $34,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $82.58 on Thursday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The company has a market cap of $264.54 billion, a P/E ratio of 14.14, a P/E/G ratio of 1.27 and a beta of 1.20. The stock has a 50-day moving average of $80.03 and a two-hundred day moving average of $74.98. Wells Fargo & Company has a 1-year low of $50.22 and a 1-year high of $84.83.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 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 analyst estimates of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business's revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.33 earnings per share. As a group, analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 8th will be given a $0.45 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.2%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio is 30.82%.

Analyst Ratings Changes

Several equities research analysts have issued reports on WFC shares. TD Cowen assumed coverage on Wells Fargo & Company in a research note on Thursday, May 15th. They set a "hold" rating and a $83.00 target price for the company. Piper Sandler reiterated an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Truist Financial boosted their price objective on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Citigroup reaffirmed a "neutral" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Finally, Wall Street Zen upgraded shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Friday, August 22nd. Eleven research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $81.58.

Wells Fargo & 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.

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