Wells Fargo & Company $WFC Shares Purchased by Oliver Luxxe Assets LLC

Key Points

• Oliver Luxxe Assets LLC increased its stake in Wells Fargo & Company by 4.7%, owning 84,180 shares valued at approximately $6.74 million.
• Wells Fargo recently reported an earnings per share (EPS) of $1.54, beating the forecast of $1.41, and showed a year-over-year revenue growth of 0.6%.
• The company raised its quarterly dividend from $0.40 to $0.45 per share, establishing an annualized dividend yield of 2.1%.

Oliver Luxxe Assets LLC raised its position in Wells Fargo & Company (NYSE:WFC) by 4.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 84,180 shares of the financial services provider's stock after buying an additional 3,762 shares during the period. Wells Fargo & Company comprises about 1.2% of Oliver Luxxe Assets LLC's portfolio, making the stock its 21st largest holding. Oliver Luxxe Assets LLC's holdings in Wells Fargo & Company were worth $6,744,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. CBIZ Investment Advisory Services LLC boosted its position in Wells Fargo & Company by 585.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock worth $27,000 after acquiring an additional 322 shares during the last quarter. Motco grew its holdings in shares of Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after purchasing an additional 326 shares during the period. Accent Capital Management LLC purchased a new stake in shares of Wells Fargo & Company in the 1st quarter valued at approximately $29,000. 1248 Management LLC acquired a new position in Wells Fargo & Company during the first quarter worth $31,000. Finally, Stone House Investment Management LLC acquired a new position in Wells Fargo & Company in the 1st quarter valued at about $34,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $84.61 on Monday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a fifty-two week low of $53.31 and a fifty-two week high of $84.93. The business has a 50 day moving average price of $80.44 and a two-hundred day moving average price of $75.40. The firm has a market cap of $271.04 billion, a PE ratio of 14.49, a price-to-earnings-growth ratio of 1.31 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping the consensus estimate of $1.41 by $0.13. The company had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business's revenue was up .6% on a year-over-year basis. During the same quarter last year, the firm earned $1.33 EPS. Sell-side analysts expect that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were given a dividend of $0.45 per share. 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 30.82%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on WFC shares. Truist Financial lifted their price objective on Wells Fargo & Company from $83.00 to $86.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Citigroup restated a "neutral" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Bank of America upped their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. Finally, 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. Ten analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus 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.

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