Wilkinson Global Asset Management LLC Purchases New Shares in Wells Fargo & Company $WFC

Key Points

• Wilkinson Global Asset Management acquired 30,400 Wells Fargo shares in the second quarter, valued at approximately $2.5 million. Institutional investors and hedge funds collectively own 75.9% of the company.
• Wells Fargo reported quarterly EPS of $1.96, beating estimates of $1.73, while revenue rose 8.6% year over year to $22.62 billion.
• The bank raised its quarterly dividend from $0.45 to $0.50 per share, equivalent to an annualized dividend of $2.00 and a 2.4% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $98.61.

Wilkinson Global Asset Management LLC acquired a new stake in Wells Fargo & Company (NYSE:WFC - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 30,400 shares of the financial services provider's stock, valued at approximately $2,512,000.

A number of other large investors have also modified their holdings of the company. Godfrey Financial Associates Inc. acquired a new position in Wells Fargo & Company in the 4th quarter worth about $25,000. Miller Capital Partners Inc. purchased a new position in Wells Fargo & Company during the fourth quarter worth approximately $25,000. Navalign LLC acquired a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $26,000. Joseph Group Capital Management acquired a new stake in Wells Fargo & Company in the fourth quarter valued at approximately $28,000. Finally, Phillip James Consulting Co. acquired a new stake in Wells Fargo & Company in the first quarter valued at approximately $28,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Trading Up 0.2%

Shares of Wells Fargo & Company stock opened at $83.83 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. The stock's 50 day simple moving average is $86.08 and its 200-day simple moving average is $82.97. The stock has a market cap of $253.50 billion, a P/E ratio of 12.18, a P/E/G ratio of 0.91 and a beta of 0.92. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, beating the consensus estimate of $1.73 by $0.23. The firm had revenue of $22.62 billion during the quarter, compared to analysts' expectations of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The business's revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.60 earnings per share. Analysts predict that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a $0.50 dividend. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.4%. Wells Fargo & Company's dividend payout ratio is 29.07%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on WFC shares. Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Thursday, May 7th. Weiss Ratings reissued a "buy (b)" rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Truist Financial boosted their price target on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, June 26th. Robert W. Baird upped their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. Finally, Wall Street Zen raised shares of Wells Fargo & Company from a "sell" rating to a "hold" rating in a report on Sunday, June 14th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $98.61.

About Wells Fargo & Company

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.

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