LeConte Wealth Management LLC Invests $267,000 in Wells Fargo & Company $WFC

LeConte Wealth Management LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 3,328 shares of the financial services provider’s stock, valued at approximately $267,000.

A number of other hedge funds and other institutional investors have also modified their holdings of WFC. CBIZ Investment Advisory Services LLC grew its holdings in shares of Wells Fargo & Company by 585.5% during 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 in the last quarter. Motco grew its holdings in shares of Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after buying an additional 326 shares in the last quarter. Accent Capital Management LLC purchased a new stake in shares of Wells Fargo & Company during the first quarter worth about $29,000. 1248 Management LLC purchased a new stake in shares of Wells Fargo & Company during the first quarter worth about $31,000. Finally, Stone House Investment Management LLC purchased a new stake in shares of Wells Fargo & Company during the first quarter worth about $34,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Price Performance

WFC opened at $84.18 on Thursday. 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 has a 52-week low of $53.31 and a 52-week high of $86.65. The company has a 50 day moving average of $80.66 and a two-hundred day moving average of $75.62. The company has a market cap of $269.65 billion, a P/E ratio of 14.41, a P/E/G ratio of 1.30 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. During the same period in the previous year, the firm earned $1.33 earnings per share. Wells Fargo & Company’s revenue for the quarter was up .6% on a year-over-year basis. On average, analysts expect 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. Shareholders of record on Friday, August 8th were paid a dividend of $0.45 per share. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, August 8th. Wells Fargo & Company’s payout ratio is presently 30.82%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Cowen reaffirmed a “hold” rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Raymond James Financial lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a report on Monday, July 7th. Phillip Securities lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, July 17th. Dbs Bank upgraded shares of Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a report on Thursday, July 17th. Finally, Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Ten analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.97.

Wells Fargo & 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.