Wealthfront Advisers LLC Purchases New Holdings in Wells Fargo & Company $WFC

Key Points

• Wealthfront Advisers acquired 420,371 Wells Fargo shares during the second quarter, valued at approximately $34.7 million. Institutional investors collectively own 75.9% of WFC’s outstanding stock.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $98.61.
• Wells Fargo exceeded quarterly earnings and revenue expectations, reporting $1.96 EPS and $22.62 billion in revenue. The company also raised its quarterly dividend from $0.45 to $0.50 per share, equating to a 2.4% annualized yield.

Wealthfront Advisers LLC purchased a new stake in Wells Fargo & Company (NYSE:WFC) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 420,371 shares of the financial services provider's stock, valued at approximately $34,739,000.

Several other institutional investors have also recently made changes to their positions in the stock. Godfrey Financial Associates Inc. acquired a new position in Wells Fargo & Company during the fourth quarter worth $25,000. Miller Capital Partners Inc. acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth about $25,000. Navalign LLC acquired a new position in shares of Wells Fargo & Company during the 4th quarter worth about $26,000. Joseph Group Capital Management acquired a new stake in Wells Fargo & Company in the 4th quarter valued at about $28,000. Finally, Phillip James Consulting Co. acquired a new stake in Wells Fargo & Company in the 1st quarter valued at about $28,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on WFC shares. Truist Financial lifted their price target on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, June 26th. Bank of America lifted their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. Weiss Ratings reissued a "buy (b)" rating on shares of Wells Fargo & Company in a report on Friday, July 17th. UBS Group dropped their price target on Wells Fargo & Company from $105.00 to $104.00 and set a "buy" rating on the stock in a research note on Tuesday, July 7th. Finally, Phillip Securities raised shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $98.61.

Wells Fargo & Company Trading Down 0.0%

Shares of NYSE:WFC opened at $83.83 on Monday. Wells Fargo & Company has a 12-month low of $72.78 and a 12-month high of $97.76. The stock has a market cap of $253.50 billion, a PE ratio of 12.18, a P/E/G ratio of 0.91 and a beta of 0.92. The business has a 50 day moving average of $86.08 and a 200-day moving average of $82.91. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.23. The business had revenue of $22.62 billion during the quarter, compared to analysts' expectations of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The firm's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the firm posted $1.60 EPS. As a group, equities research analysts forecast that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be issued a dividend of $0.50 per share. 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 dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, August 7th. Wells Fargo & Company's payout ratio is 29.07%.

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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