Wells Fargo & Company $WFC Shares Purchased by Waycross Partners LLC

Key Points

• Waycross Partners LLC increased its holdings in Wells Fargo & Company by 3.3% during the 2nd quarter, now owning 469,385 shares valued at approximately $37.6 million.
• Wells Fargo reported a quarterly earnings per share of $1.54, surpassing analyst estimates, and announced a dividend increase from $0.40 to $0.45 per share.
• Institutional investors own 75.90% of Wells Fargo's stock, showcasing strong support from large financial institutions.

Waycross Partners LLC raised its position in Wells Fargo & Company (NYSE:WFC) by 3.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 469,385 shares of the financial services provider's stock after acquiring an additional 14,873 shares during the period. Wells Fargo & Company comprises approximately 3.5% of Waycross Partners LLC's holdings, making the stock its 10th largest holding. Waycross Partners LLC's holdings in Wells Fargo & Company were worth $37,607,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Wealth Management Partners LLC raised its holdings in Wells Fargo & Company by 3.5% in the 2nd quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider's stock valued at $313,000 after acquiring an additional 128 shares in the last quarter. Summit Wealth & Retirement Planning Inc. raised its holdings in Wells Fargo & Company by 4.3% in the 1st quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider's stock valued at $241,000 after acquiring an additional 139 shares in the last quarter. Nwam LLC grew its stake in shares of Wells Fargo & Company by 1.6% in the 1st quarter. Nwam LLC now owns 8,806 shares of the financial services provider's stock valued at $632,000 after purchasing an additional 142 shares during the period. PGIM Custom Harvest LLC grew its stake in shares of Wells Fargo & Company by 3.5% in the 1st quarter. PGIM Custom Harvest LLC now owns 4,225 shares of the financial services provider's stock valued at $303,000 after purchasing an additional 142 shares during the period. Finally, Tradition Wealth Management LLC grew its stake in shares of Wells Fargo & Company by 0.5% in the 1st quarter. Tradition Wealth Management LLC now owns 30,420 shares of the financial services provider's stock valued at $2,184,000 after purchasing an additional 143 shares during the period. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Down 1.0%

Shares of WFC opened at $84.33 on Wednesday. The business's fifty day moving average price is $80.58 and its two-hundred day moving average price is $75.56. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The firm has a market capitalization of $270.16 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.32 and a beta of 1.25. Wells Fargo & Company has a 52 week low of $53.31 and a 52 week high of $86.66.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted 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. The company had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The firm's quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.33 EPS. On average, analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current 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 paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Friday, August 8th. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio (DPR) is 30.82%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on WFC shares. Phillip Securities lowered Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Piper Sandler reiterated an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Morgan Stanley upped their price objective on Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Bank of America upped their price objective on Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Finally, Raymond James Financial lowered Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Ten investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $82.56.

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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