Verus Financial Partners Inc. Purchases Shares of 2,661 Wells Fargo & Company $WFC

Verus Financial Partners Inc. purchased a new stake in Wells Fargo & Company (NYSE:WFC) during the second quarter, HoldingsChannel.com reports. The fund purchased 2,661 shares of the financial services provider’s stock, valued at approximately $218,000.

Other hedge funds also recently made changes to their positions in the company. 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 purchasing an additional 322 shares during the last quarter. Accent Capital Management LLC purchased a new position in shares of Wells Fargo & Company during the first quarter worth about $29,000. 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 purchasing an additional 326 shares during the last quarter. Nova Wealth Management Inc. grew its holdings in shares of Wells Fargo & Company by 112.9% during the second quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 227 shares during the last quarter. Finally, 1248 Management LLC purchased a new position in shares of Wells Fargo & Company during the first quarter worth about $31,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of WFC opened at $80.47 on Friday. Wells Fargo & Company has a twelve month low of $54.40 and a twelve month high of $86.65. The stock’s 50 day moving average is $80.84 and its two-hundred day moving average is $76.22. The firm has a market capitalization of $257.79 billion, a PE ratio of 13.78, a P/E/G ratio of 1.25 and a beta of 1.25. 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 (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating 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 analyst estimates of $20.83 billion. During the same quarter in the previous year, the company earned $1.33 EPS. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. Research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Friday, August 8th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s payout ratio is 30.82%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Wall Street Zen lowered Wells Fargo & Company from a “hold” rating to a “sell” rating in a report on Friday, September 26th. Piper Sandler reiterated an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Evercore ISI increased their target price on shares of Wells Fargo & Company from $94.00 to $98.00 and gave the stock an “outperform” rating in a research note on Tuesday. Truist Financial increased their target price on shares of Wells Fargo & Company from $86.00 to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, September 24th. Finally, Cowen reiterated a “hold” rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Nine analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $83.74.

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.