GAMMA Investing LLC Has $4.27 Million Stock Position in Wells Fargo & Company $WFC

Key Points

• GAMMA Investing LLC increased its stake in Wells Fargo by 12.8%, owning a total of 53,302 shares valued at approximately $4.27 million after acquiring an additional 6,038 shares.
• Wells Fargo reported $1.54 earnings per share for the most recent quarter, exceeding estimates and showing a 0.6% increase in revenue compared to the previous year.
• The company declared a dividend increase from $0.40 to $0.45 per share, representing a yield of 2.1% with a current payout ratio of 30.82%.

GAMMA Investing LLC lifted its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 12.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 53,302 shares of the financial services provider's stock after purchasing an additional 6,038 shares during the quarter. GAMMA Investing LLC's holdings in Wells Fargo & Company were worth $4,271,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Accretive Wealth Partners LLC bought a new stake in Wells Fargo & Company in the first quarter worth $399,000. Banco Bilbao Vizcaya Argentaria S.A. lifted its position in shares of Wells Fargo & Company by 10.4% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider's stock worth $54,471,000 after purchasing an additional 71,740 shares during the last quarter. Secured Retirement Advisors LLC bought a new stake in shares of Wells Fargo & Company in the first quarter valued at about $408,000. RKL Wealth Management LLC raised its holdings in shares of Wells Fargo & Company by 166.4% in the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock valued at $588,000 after acquiring an additional 5,113 shares in the last quarter. Finally, Allianz SE raised its holdings in shares of Wells Fargo & Company by 22.6% in the first quarter. Allianz SE now owns 212,335 shares of the financial services provider's stock valued at $15,244,000 after acquiring an additional 39,150 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on WFC shares. Bank of America lifted their target price 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. Piper Sandler reaffirmed an "overweight" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Wall Street Zen raised Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Friday, August 22nd. Dbs Bank raised Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a report on Thursday, July 17th. Finally, Raymond James Financial downgraded 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 given a Hold rating to the stock. Based on data from MarketBeat.com, Wells Fargo & Company has an average rating of "Moderate Buy" and a consensus price target of $82.56.

Wells Fargo & Company Trading Up 0.6%

NYSE:WFC traded up $0.53 on Monday, hitting $85.17. 14,543,087 shares of the stock were exchanged, compared to its average volume of 14,401,850. 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 fifty-two week low of $53.31 and a fifty-two week high of $85.28. The stock has a market cap of $272.85 billion, a PE ratio of 14.58, a PEG ratio of 1.31 and a beta of 1.25. The stock has a fifty day moving average of $80.47 and a 200-day moving average of $75.50.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. During the same quarter last year, the business posted $1.33 EPS. Wells Fargo & Company's quarterly revenue was up .6% compared to the same quarter last year. As a group, equities 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 announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, August 8th. This is an increase from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio (DPR) 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.