Wells Fargo & Company $WFC Shares Purchased by Fifth Third Wealth Advisors LLC

Key Points

• Fifth Third Wealth Advisors LLC increased its stake in Wells Fargo & Company by 21.1% in Q2, owning 64,985 shares worth approximately $5.21 million as of the latest SEC filing.
• Wells Fargo's quarterly earnings beat analysts' estimates, reporting $1.54 earnings per share against a consensus of $1.41, with revenues slightly below expectations at $20.82 billion.
• The company recently raised its quarterly dividend from $0.40 to $0.45 per share, indicating a 2.3% yield and reflecting a positive change in its payout ratio to 30.82%.

Fifth Third Wealth Advisors LLC grew its stake in Wells Fargo & Company (NYSE:WFC - Free Report) by 21.1% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 64,985 shares of the financial services provider's stock after acquiring an additional 11,305 shares during the quarter. Fifth Third Wealth Advisors LLC's holdings in Wells Fargo & Company were worth $5,207,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Brighton Jones LLC increased its position in Wells Fargo & Company by 62.3% during the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider's stock worth $4,652,000 after purchasing an additional 25,436 shares during the last quarter. Harbor Capital Advisors Inc. increased its holdings in shares of Wells Fargo & Company by 296.5% during the 1st quarter. Harbor Capital Advisors Inc. now owns 686 shares of the financial services provider's stock worth $49,000 after buying an additional 513 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Wells Fargo & Company by 11.3% during the 1st quarter. GAMMA Investing LLC now owns 47,264 shares of the financial services provider's stock worth $3,393,000 after buying an additional 4,786 shares during the last quarter. Simon Quick Advisors LLC increased its holdings in shares of Wells Fargo & Company by 34.3% during the 1st quarter. Simon Quick Advisors LLC now owns 18,485 shares of the financial services provider's stock worth $1,327,000 after buying an additional 4,720 shares during the last quarter. Finally, NorthCrest Asset Manangement LLC increased its holdings in shares of Wells Fargo & Company by 0.5% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 177,521 shares of the financial services provider's stock worth $12,744,000 after buying an additional 917 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on WFC. Piper Sandler reissued an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Citigroup raised their target price on Wells Fargo & Company from $85.00 to $90.00 and gave the stock a "neutral" rating in a research note on Tuesday, September 23rd. Phillip Securities downgraded Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, July 17th. Weiss Ratings raised Wells Fargo & Company from a "hold (c)" rating to a "buy (b)" rating in a research report on Wednesday. Finally, UBS Group dropped 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 research report on Tuesday. Nine research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $85.41.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $77.74 on Friday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. The company has a market cap of $249.04 billion, a P/E ratio of 13.31, a P/E/G ratio of 1.29 and a beta of 1.25. The stock has a 50-day moving average of $80.63 and a two-hundred day moving average of $76.51. Wells Fargo & Company has a 1-year low of $58.42 and a 1-year high of $86.65.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $20.82 billion during the quarter, compared to analysts' expectations of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.33 earnings per share. As a group, analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business 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 annualized dividend and a yield of 2.3%. 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 payout ratio is presently 30.82%.

About Wells Fargo & Company

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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