Tulsa Wealth Advisors INC Takes Position in Wells Fargo & Company $WFC

Key Points

• Tulsa Wealth Advisors initiated a Wells Fargo position by purchasing 35,971 shares valued at approximately $2.97 million. Institutional investors collectively own 75.9% of the company.
• Wells Fargo exceeded quarterly expectations, reporting $1.96 in earnings per share versus the $1.73 consensus estimate, while revenue rose 8.6% year over year to $22.62 billion.
• The bank increased its quarterly dividend from $0.45 to $0.50 per share, representing a 2.4% annualized yield. Analysts maintain a consensus “Moderate Buy” rating with a target price of $98.61.

Tulsa Wealth Advisors INC bought a new position in Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 35,971 shares of the financial services provider's stock, valued at approximately $2,973,000.

Several other large investors have also recently added to or reduced their stakes in WFC. Brighton Jones LLC grew its position in Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after acquiring an additional 25,436 shares during the last quarter. Jump Financial LLC raised its stake in shares of Wells Fargo & Company by 12.9% in the second quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider's stock worth $1,835,000 after acquiring an additional 2,615 shares during the last quarter. Main Street Financial Solutions LLC lifted its position in shares of Wells Fargo & Company by 111.0% during the second quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider's stock worth $1,122,000 after purchasing an additional 7,368 shares in the last quarter. Vivaldi Capital Management LP lifted its position in shares of Wells Fargo & Company by 5.4% during the second quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider's stock worth $259,000 after purchasing an additional 165 shares in the last quarter. Finally, Diversify Advisory Services LLC grew its stake in shares of Wells Fargo & Company by 51.2% during the second quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider's stock valued at $2,044,000 after purchasing an additional 8,714 shares during 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. 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 stock has a market cap of $253.50 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 0.91 and a beta of 0.92. The stock has a 50-day moving average price of $86.08 and a two-hundred day moving average price of $82.97.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $22.62 billion for the quarter, compared to analysts' expectations of $21.86 billion. During the same quarter in the previous year, the business posted $1.60 EPS. Wells Fargo & Company's revenue for the quarter was up 8.6% on a year-over-year basis. As a group, equities analysts expect that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

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

Wall Street Analyst Weigh In

Several research firms recently weighed in on WFC. Bank of America boosted 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. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, May 7th. Raymond James Financial reaffirmed a "market perform" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. 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 research report on Friday, June 26th. Finally, Robert W. Baird raised their target price on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and a consensus target price of $98.61.

Wells Fargo & 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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