Grant Private Wealth Management Inc Acquires 29,733 Shares of Wells Fargo & Company $WFC

Key Points

• Grant Private Wealth Management Inc significantly increased its stake in Wells Fargo & Company by 393.9% in Q2, owning 37,281 shares valued at approximately $2.99 million.
• Wells Fargo recently reported a quarterly earnings per share of $1.54, surpassing the expected $1.41, with a net margin of 16.82%.
• The firm announced a quarterly dividend increase from $0.40 to $0.45 per share, reflecting a dividend yield of 2.1%.

Grant Private Wealth Management Inc increased its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 393.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,281 shares of the financial services provider's stock after purchasing an additional 29,733 shares during the quarter. Wells Fargo & Company makes up 1.7% of Grant Private Wealth Management Inc's investment portfolio, making the stock its 22nd largest holding. Grant Private Wealth Management Inc's holdings in Wells Fargo & Company were worth $2,987,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC grew its stake 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 valued at $4,652,000 after acquiring an additional 25,436 shares in the last quarter. Voloridge Investment Management LLC acquired a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $7,024,000. Novem Group acquired a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $216,000. Parr Mcknight Wealth Management Group LLC acquired a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $523,000. Finally, GF Fund Management CO. LTD. acquired a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $425,000. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Trading Down 1.2%

Shares of NYSE:WFC traded down $0.99 during mid-day trading on Tuesday, reaching $84.18. The stock had a trading volume of 7,969,363 shares, compared to its average volume of 16,916,576. The firm has a market cap of $269.65 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 1.31 and a beta of 1.25. The firm has a 50 day simple moving average of $80.47 and a two-hundred day simple moving average of $75.50. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a twelve month low of $53.31 and a twelve month high of $86.66.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. During the same period last year, the company posted $1.33 EPS. Wells Fargo & Company's revenue for the quarter was up .6% on a year-over-year basis. On average, research analysts predict 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. Investors of record on Friday, August 8th were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. 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 (DPR) is currently 30.82%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Evercore ISI restated an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Cowen reaffirmed a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Truist Financial boosted their target price on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Phillip Securities lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Finally, Morgan Stanley boosted their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 4th. Ten research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $82.56.

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.