Simplicity Wealth LLC Invests $5.30 Million in Wells Fargo & Company $WFC

Key Points

• Simplicity Wealth LLC acquired 64,138 Wells Fargo shares in the second quarter, valued at approximately $5.3 million. Institutional investors and hedge funds collectively own 75.9% of WFC stock.
• Wells Fargo reported stronger-than-expected quarterly results, with earnings of $1.96 per share and revenue of $22.62 billion, up 8.6% year over year.
• The bank raised its quarterly dividend from $0.45 to $0.50 per share, while analysts maintain a “Moderate Buy” consensus and an average price target of $98.61.

Simplicity Wealth LLC acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 64,138 shares of the financial services provider's stock, valued at approximately $5,300,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Godfrey Financial Associates Inc. bought a new position in Wells Fargo & Company during the fourth quarter valued at about $25,000. Miller Capital Partners Inc. bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $25,000. Navalign LLC bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $26,000. Joseph Group Capital Management acquired a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $28,000. Finally, Phillip James Consulting Co. acquired a new stake in shares of Wells Fargo & Company during the 1st quarter worth approximately $28,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Up 0.2%

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 current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. The business's 50 day moving average is $86.08 and its 200-day moving average is $82.97. The firm has a market cap of $253.50 billion, a P/E ratio of 12.18, a P/E/G ratio of 0.91 and a beta of 0.92.

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

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, August 7th. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. 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 29.07%.

Wall Street Analyst Weigh In

WFC has been the subject of a number of recent research reports. Robert W. Baird upped their target price on Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Morgan Stanley lifted their price target on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. Bank of America lifted their price target on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods lowered their price target on shares of Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating on the stock in a report on Wednesday, July 15th. Finally, Truist Financial increased their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average 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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