Spartan Wealth Advisory Services LLC Buys Shares of 32,847 Wells Fargo & Company $WFC

Key Points

• Spartan Wealth Advisory Services disclosed a new first-quarter stake in Wells Fargo, buying 32,847 shares valued at about $2.62 million.
• Institutional ownership remains high, with 75.90% of Wells Fargo’s stock held by institutional investors, and several other firms also recently added to their positions.
• Wells Fargo has been getting positive momentum from strong Q2 earnings and analyst sentiment, including a Zacks upgrade to Buy and multiple raised price targets, even as the stock was down 0.6% in Friday trading.

Spartan Wealth Advisory Services LLC purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 32,847 shares of the financial services provider's stock, valued at approximately $2,615,000.

A number of other large investors have also recently made changes to their positions in the stock. Private Wealth Group LLC boosted its holdings in Wells Fargo & Company by 2.5% in the fourth quarter. Private Wealth Group LLC now owns 4,514 shares of the financial services provider's stock worth $421,000 after purchasing an additional 108 shares during the last quarter. Nixon Peabody Trust Co. raised its stake in Wells Fargo & Company by 3.6% during the 4th quarter. Nixon Peabody Trust Co. now owns 3,351 shares of the financial services provider's stock valued at $312,000 after buying an additional 115 shares during the last quarter. Simmons Bank raised its stake in Wells Fargo & Company by 1.9% during the 4th quarter. Simmons Bank now owns 6,359 shares of the financial services provider's stock valued at $593,000 after buying an additional 116 shares during the last quarter. Moss Adams Wealth Advisors LLC lifted its holdings in shares of Wells Fargo & Company by 1.0% during the 4th quarter. Moss Adams Wealth Advisors LLC now owns 12,048 shares of the financial services provider's stock valued at $1,123,000 after buying an additional 117 shares during the period. Finally, Wood Tarver Financial Group LLC lifted its holdings in shares of Wells Fargo & Company by 1.6% during the 4th quarter. Wood Tarver Financial Group LLC now owns 7,754 shares of the financial services provider's stock valued at $722,000 after buying an additional 120 shares during the period. 75.90% of the stock is currently owned by institutional investors.

Trending Headlines about Wells Fargo & Company

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

• Positive Sentiment: Wells Fargo reported stronger-than-expected Q2 results, with adjusted EPS of $1.96 topping Wall Street’s $1.72 estimate, driven by higher fee income, investment banking activity and net interest income. Wells Fargo CEO Says America Is Still Spending Big—Even With Inflation Concerns
• Positive Sentiment: Wells Fargo was upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about its earnings outlook and adding another bullish signal for investors. Wells Fargo (WFC) Upgraded to Buy: Here's What You Should Know
• Positive Sentiment: Analysts remain constructive after the bank’s earnings beat, with industry commentary highlighting strong Q2 performance across major banks including Wells Fargo. Revving Up Returns: Big Banks Race Through the Rate Plateau (WFC)
• Neutral Sentiment: Wells Fargo also appeared in commentary noting that big bank earnings beat estimates, but some of the profit strength came from lower loan-loss reserves, which may be less repeatable going forward. Revving Up Returns: Big Banks Race Through the Rate Plateau (WFC)
• Neutral Sentiment: Wells Fargo’s housing-market index showed weaker homebuilder confidence in July, a modest macroeconomic headwind for the bank’s mortgage-related business. U.S. Homebuilder Confidence Unexpectedly Deteriorates In July

Wells Fargo & Company Trading Down 0.6%

Shares of Wells Fargo & Company stock opened at $87.52 on Friday. The company's fifty day simple moving average is $81.44 and its 200-day simple moving average is $83.77. The stock has a market capitalization of $267.82 billion, a PE ratio of 12.72, a P/E/G ratio of 0.97 and a beta of 0.92. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Friday, May 8th. Wells Fargo & Company's dividend payout ratio (DPR) is currently 26.16%.

Analyst Ratings Changes

Several analysts recently commented on the company. Truist Financial lifted their price objective on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, June 26th. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, May 7th. KGI Securities downgraded Wells Fargo & Company to a "hold" rating in a report on Thursday, April 16th. Keefe, Bruyette & Woods dropped their target price on Wells Fargo & Company from $98.00 to $94.00 and set a "market perform" rating on the stock in a research report on Wednesday. Finally, Morgan Stanley boosted their price target on Wells Fargo & Company from $97.00 to $102.00 and gave the company an "equal weight" rating in a research note on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $98.50.

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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