Wells Fargo & Company $WFC Shares Acquired by Avion Wealth

Key Points

• Avion Wealth increased its holdings in Wells Fargo & Company by 49.7% during the second quarter, owning 12,411 shares worth $994,000 at quarter-end.
• Wells Fargo reported earnings of $1.66 per share, surpassing analysts' expectations, with revenue reaching $21.44 billion for the quarter.
• The company recently raised its quarterly dividend from $0.40 to $0.45, resulting in an annualized dividend yield of 2.1%.

Avion Wealth lifted its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 49.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,411 shares of the financial services provider's stock after buying an additional 4,123 shares during the period. Avion Wealth's holdings in Wells Fargo & Company were worth $994,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in WFC. Wealth Management Partners LLC raised its holdings in shares of Wells Fargo & Company by 3.5% during the second quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider's stock worth $313,000 after purchasing an additional 128 shares during the last quarter. Verum Partners LLC raised its holdings in shares of Wells Fargo & Company by 1.8% during the second quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider's stock worth $582,000 after purchasing an additional 128 shares during the last quarter. Motive Wealth Advisors raised its holdings in shares of Wells Fargo & Company by 3.7% during the second quarter. Motive Wealth Advisors now owns 3,655 shares of the financial services provider's stock worth $293,000 after purchasing an additional 129 shares during the last quarter. Exencial Wealth Advisors LLC raised its holdings in shares of Wells Fargo & Company by 0.7% during the second quarter. Exencial Wealth Advisors LLC now owns 18,009 shares of the financial services provider's stock worth $1,443,000 after purchasing an additional 131 shares during the last quarter. Finally, Vivid Wealth Management LLC raised its holdings in shares of Wells Fargo & Company by 0.8% during the second quarter. Vivid Wealth Management LLC now owns 17,243 shares of the financial services provider's stock worth $1,381,000 after purchasing an additional 133 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

WFC opened at $85.28 on Thursday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $273.18 billion, a PE ratio of 14.03, a PEG ratio of 1.16 and a beta of 1.25. The firm's 50-day moving average price is $81.61 and its 200 day moving average price is $77.29. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $87.47.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Tuesday, October 14th. The financial services provider reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.11. The company had revenue of $21.44 billion for the quarter, compared to analyst estimates of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. Wells Fargo & Company's revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the business posted $1.42 EPS. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders 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 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's payout ratio is currently 29.61%.

Wall Street Analysts Forecast Growth

WFC has been the subject of several recent research reports. The Goldman Sachs Group reduced their target price on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Wall Street Zen raised shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Saturday, October 4th. Truist Financial lifted their price objective on shares of Wells Fargo & Company from $88.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, October 15th. Evercore ISI lifted their price objective 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, Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Eleven investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, Wells Fargo & Company has a consensus rating of "Moderate Buy" and a consensus price target of $89.57.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.