Carderock Capital Management Inc. Takes $88,000 Position in Wells Fargo & Company $WFC

Carderock Capital Management Inc. purchased a new position in Wells Fargo & Company (NYSE:WFC) in the second quarter, HoldingsChannel reports. The fund purchased 1,100 shares of the financial services provider’s stock, valued at approximately $88,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CBIZ Investment Advisory Services LLC increased its stake in shares of Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock worth $27,000 after buying an additional 322 shares during the last quarter. Motco increased its stake in shares of Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after buying an additional 326 shares during the last quarter. Accent Capital Management LLC bought a new stake in shares of Wells Fargo & Company in the first quarter worth $29,000. 1248 Management LLC bought a new stake in shares of Wells Fargo & Company in the first quarter worth $31,000. Finally, Stone House Investment Management LLC bought a new stake in shares of Wells Fargo & Company in the first quarter worth $34,000. Institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on WFC shares. Cowen restated a “hold” rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Citigroup reiterated a “neutral” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Phillip Securities lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Truist Financial boosted their target price on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. Finally, Raymond James Financial lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research note on Monday, July 7th. Ten equities research 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 an average target price of $82.56.

Wells Fargo & Company Price Performance

WFC stock opened at $83.51 on Friday. The firm has a market capitalization of $267.51 billion, a PE ratio of 14.30, a P/E/G ratio of 1.28 and a beta of 1.25. Wells Fargo & Company has a one year low of $53.31 and a one year high of $84.83. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The firm has a 50-day moving average of $80.40 and a two-hundred day moving average of $75.30.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data 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 firm had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. During the same quarter in the prior year, the company posted $1.33 earnings per share. The firm’s revenue was up .6% on a year-over-year basis. On average, analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.2%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company’s dividend payout ratio (DPR) is 30.82%.

Wells Fargo & Company 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.