Strategic Planning Group LLC Boosts Stock Holdings in Wells Fargo & Company $WFC

Key Points

• Strategic Planning Group LLC significantly increased its holdings in Wells Fargo & Company by 724% during Q2, acquiring a total of 25,017 shares valued at approximately $2 million.
• Wells Fargo's recent quarterly earnings report revealed an earnings per share (EPS) of $1.54, exceeding estimates and showing a revenue growth of 0.6% year-over-year.
• Wells Fargo increased its quarterly dividend from $0.40 to $0.45, resulting in an annualized dividend of $1.80 and a dividend yield of 2.1%.

Strategic Planning Group LLC boosted its position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 724.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,017 shares of the financial services provider's stock after buying an additional 21,981 shares during the period. Strategic Planning Group LLC's holdings in Wells Fargo & Company were worth $2,004,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in WFC. Brighton Jones LLC grew its position 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 purchasing an additional 25,436 shares in the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $7,024,000. GF Fund Management CO. LTD. purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $425,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $565,000. Finally, Perennial Advisors LLC purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $721,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on WFC. Wall Street Zen upgraded Wells Fargo & Company from a "sell" rating to a "hold" rating in a research report on Friday, August 22nd. Evercore ISI reiterated an "outperform" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. The Goldman Sachs Group lowered their price objective on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Piper Sandler reiterated an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Finally, Cowen reiterated a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Ten research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $82.56.

Wells Fargo & Company Stock Up 1.3%

Shares of NYSE WFC opened at $84.61 on Monday. The stock has a market cap of $271.04 billion, a P/E ratio of 14.49, a PEG ratio of 1.31 and a beta of 1.25. 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 $53.31 and a 12-month high of $84.93. The business's fifty day simple moving average is $80.44 and its 200-day simple moving average is $75.40.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company's revenue for the quarter was up .6% compared to the same quarter last year. During the same period last year, the firm earned $1.33 earnings per share. As a group, equities 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 disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were paid a $0.45 dividend. The ex-dividend date was Friday, August 8th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. 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.

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