Three Bridge Wealth Advisors LLC Makes New Investment in Wells Fargo & Company $WFC

Key Points

• Three Bridge Wealth Advisors LLC acquired 4,538 shares of Wells Fargo & Company valued at approximately $364,000 in Q2, marking a significant investment in the financial services provider.
• Wells Fargo reported $1.54 earnings per share in its last quarterly earnings, exceeding estimates of $1.41, with revenue close to expectations at $20.82 billion.
• The firm has recently increased its quarterly dividend to $0.45 per share, reflecting a positive change from the previous $0.40 and leading to a dividend yield of 2.2%.

Three Bridge Wealth Advisors LLC acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,538 shares of the financial services provider's stock, valued at approximately $364,000.

Other large investors have also bought and sold shares of the company. CBIZ Investment Advisory Services LLC boosted its stake in shares of Wells Fargo & Company by 585.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 322 shares during the last quarter. Motco lifted its position 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 valued at $29,000 after acquiring an additional 326 shares during the period. Accent Capital Management LLC acquired a new position in shares of Wells Fargo & Company during the 1st quarter valued at $29,000. 1248 Management LLC acquired a new position in shares of Wells Fargo & Company during the 1st quarter valued at $31,000. Finally, Stone House Investment Management LLC acquired a new position in Wells Fargo & Company during the first quarter worth $34,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Performance

WFC stock opened at $80.63 on Friday. The business has a 50-day moving average price of $80.77 and a 200 day moving average price of $76.31. Wells Fargo & Company has a 1-year low of $55.98 and a 1-year high of $86.65. 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 capitalization of $258.28 billion, a P/E ratio of 13.81, a PEG ratio of 1.24 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. The business had revenue of $20.82 billion for the quarter, compared to analyst estimates 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 was up .6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.33 earnings per share. As a group, equities research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio is currently 30.82%.

Analyst Upgrades and Downgrades

WFC has been the topic of several recent analyst reports. Citigroup lifted their price target on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the company a "neutral" rating in a report on Tuesday, September 23rd. Evercore ISI boosted their target price on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an "outperform" rating in a report on Tuesday. Phillip Securities cut shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, July 17th. Truist Financial boosted their target price on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Finally, Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Nine equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $83.74.

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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