Turtle Creek Wealth Advisors LLC Purchases New Holdings in Wells Fargo & Company $WFC

Key Points

• Turtle Creek Wealth Advisors LLC has acquired 8,242 shares of Wells Fargo, valued at approximately $660,000, as part of its second quarter investments.
• The quarterly EPS for Wells Fargo was reported at $1.54, exceeding estimates, and the company recently increased its dividend to $0.45 per share.
• Analysts have generally positive outlooks for Wells Fargo, with several raising their target prices, indicating a consensus rating of "Moderate Buy" and an average target price of $89.57.

Turtle Creek Wealth Advisors LLC purchased a new stake in Wells Fargo & Company (NYSE:WFC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 8,242 shares of the financial services provider's stock, valued at approximately $660,000.

A number of other hedge funds and other institutional investors have also modified their holdings of WFC. Accretive Wealth Partners LLC acquired a new stake in Wells Fargo & Company during the 1st quarter worth $399,000. Banco Bilbao Vizcaya Argentaria S.A. grew its holdings in Wells Fargo & Company by 10.4% during the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider's stock worth $54,471,000 after acquiring an additional 71,740 shares during the period. Secured Retirement Advisors LLC acquired a new stake in Wells Fargo & Company during the 1st quarter worth $408,000. RKL Wealth Management LLC grew its holdings in Wells Fargo & Company by 166.4% during the 1st quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock worth $588,000 after acquiring an additional 5,113 shares during the period. Finally, Three Bridge Wealth Advisors LLC acquired a new stake in Wells Fargo & Company during the 2nd quarter worth $364,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Trading Down 2.9%

WFC opened at $83.97 on Friday. The stock has a market capitalization of $268.99 billion, a P/E ratio of 13.81, a P/E/G ratio of 1.39 and a beta of 1.25. Wells Fargo & Company has a 12 month low of $58.42 and a 12 month high of $87.47. The firm's fifty day simple moving average is $81.10 and its 200 day simple moving average is $76.82. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 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 net margin of 17.18% and a return on equity of 12.51%. The firm's revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.33 EPS. As a group, research analysts anticipate 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. Investors of record on Friday, August 8th were given a $0.45 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.1%. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is presently 30.82%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on WFC shares. Truist Financial lifted their target price on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday. Citigroup boosted 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. Barclays boosted their price target on shares of Wells Fargo & Company from $87.00 to $94.00 and gave the company an "overweight" rating in a report on Wednesday. Evercore ISI boosted their price target on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the company an "outperform" rating in a report on Tuesday, September 30th. Finally, UBS Group decreased their price target on shares of Wells Fargo & Company from $95.00 to $93.00 and set a "buy" rating for the company in a report on Tuesday, October 7th. Nine analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $89.57.

Wells Fargo & 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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