Wright Investors Service Inc. Grows Position in Wells Fargo & Company $WFC

Key Points

• Wright Investors Service Inc. increased its holdings in Wells Fargo by 41.3%, owning 27,526 shares valued at approximately $2.2 million as of the latest reporting period.
• Recently, Wells Fargo reported $1.54 in earnings per share, exceeding the consensus estimate by $0.13, while quarterly revenue slightly increased by 0.6% year-over-year.
• The company has announced a dividend increase from $0.40 to $0.45 per share, providing a 2.1% dividend yield with a payout ratio of 30.82%.

Wright Investors Service Inc. lifted its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 41.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,526 shares of the financial services provider's stock after buying an additional 8,045 shares during the period. Wright Investors Service Inc.'s holdings in Wells Fargo & Company were worth $2,205,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. AA Financial Advisors LLC boosted its position in shares of Wells Fargo & Company by 57.6% during the second quarter. AA Financial Advisors LLC now owns 4,898 shares of the financial services provider's stock valued at $392,000 after buying an additional 1,791 shares during the last quarter. Thomasville National Bank boosted its position in shares of Wells Fargo & Company by 4.0% during the second quarter. Thomasville National Bank now owns 15,355 shares of the financial services provider's stock valued at $1,230,000 after buying an additional 588 shares during the last quarter. Spring Capital Management LLC bought a new position in Wells Fargo & Company in the second quarter valued at about $211,000. Phillips Wealth Planners LLC bought a new position in Wells Fargo & Company in the second quarter valued at about $278,000. Finally, International Private Wealth Advisors LLC bought a new position in Wells Fargo & Company in the second quarter valued at about $246,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on WFC. Evercore ISI reissued an "outperform" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. The Goldman Sachs Group lowered their target price on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Bank of America increased their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. Cowen reissued a "hold" rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Finally, Citigroup reissued a "neutral" rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $82.56.

Wells Fargo & Company Stock Up 1.3%

NYSE WFC opened at $84.61 on Friday. The stock's 50-day moving average price is $80.44 and its 200-day moving average price is $75.37. The company has a market capitalization of $271.04 billion, a P/E ratio of 14.49, a price-to-earnings-growth ratio of 1.30 and a beta of 1.25. Wells Fargo & Company has a 52 week low of $53.31 and a 52 week high of $84.93. 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 (NYSE:WFC - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate 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 last year, the company earned $1.33 EPS. On average, equities research 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 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 is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.1%. Wells Fargo & Company's dividend payout ratio is 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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