R.H. Investment Group LLC Acquires Shares of 69,656 Wells Fargo & Company $WFC

R.H. Investment Group LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 69,656 shares of the financial services provider's stock, valued at approximately $5,756,000. Wells Fargo & Company makes up 4.3% of R.H. Investment Group LLC's investment portfolio, making the stock its 9th largest holding.

Several other hedge funds also recently made changes to their positions in WFC. Brighton Jones LLC boosted its stake in shares of Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock valued at $4,652,000 after buying an additional 25,436 shares during the period. Jump Financial LLC grew its position in Wells Fargo & Company by 12.9% during the second quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider's stock worth $1,835,000 after buying an additional 2,615 shares in the last quarter. Main Street Financial Solutions LLC increased its stake in Wells Fargo & Company by 111.0% during the 2nd quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider's stock worth $1,122,000 after acquiring an additional 7,368 shares during the period. Vivaldi Capital Management LP increased its stake in Wells Fargo & Company by 5.4% during the 2nd quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider's stock worth $259,000 after acquiring an additional 165 shares during the period. Finally, Diversify Advisory Services LLC raised its holdings in Wells Fargo & Company by 51.2% in the 2nd quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider's stock valued at $2,044,000 after acquiring an additional 8,714 shares in the last quarter. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Up 0.2%

NYSE WFC opened at $83.83 on Friday. The business has a fifty day moving average price of $86.08 and a two-hundred day moving average price of $82.97. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76. The stock has a market capitalization of $253.50 billion, a PE ratio of 12.18, a PEG ratio of 0.91 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, beating analysts' consensus estimates 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 firm had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. During the same quarter last year, the business posted $1.60 EPS. The company's revenue was up 8.6% compared to the same quarter last year. Equities analysts expect that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.4%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 7th. Wells Fargo & Company's payout ratio is 29.07%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on WFC shares. Robert W. Baird increased their target price on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "neutral" rating in a report on Wednesday, July 15th. JPMorgan Chase & Co. boosted their price target on Wells Fargo & Company from $93.50 to $95.50 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. Bank of America upped their price objective on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Finally, Truist Financial increased their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, June 26th. Two investment 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. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $98.61.

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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