Richmond Investment Services LLC Has $515,000 Holdings in Wells Fargo & Company $WFC

Richmond Investment Services LLC boosted its holdings in Wells Fargo & Company (NYSE:WFC) by 129.0% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 6,422 shares of the financial services provider’s stock after acquiring an additional 3,618 shares during the quarter. Richmond Investment Services LLC’s holdings in Wells Fargo & Company were worth $515,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in WFC. Access Investment Management LLC bought a new stake in Wells Fargo & Company during the second quarter worth $25,000. McElhenny Sheffield Capital Management LLC purchased a new position in Wells Fargo & Company in the second quarter worth $27,000. CBIZ Investment Advisory Services LLC boosted its holdings in shares of Wells Fargo & Company by 585.5% in the 1st 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. Accent Capital Management LLC bought a new position in Wells Fargo & Company during the first quarter valued at about $29,000. Finally, Nova Wealth Management Inc. increased its holdings in 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 buying an additional 227 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Evercore ISI raised their price target 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, September 30th. Keefe, Bruyette & Woods lifted their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, October 15th. Barclays lifted their target price on Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Dbs Bank upgraded shares of Wells Fargo & Company to a “moderate buy” rating in a research report on Tuesday, October 21st. Finally, TD Cowen upped their target price on shares of Wells Fargo & Company from $90.00 to $93.00 and gave the stock a “hold” rating in a report on Wednesday, October 15th. Eleven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $89.57.

Wells Fargo & Company Stock Up 0.6%

Shares of WFC opened at $85.61 on Thursday. Wells Fargo & Company has a 1 year low of $58.42 and a 1 year high of $88.64. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a 50 day simple moving average of $84.20 and a two-hundred day simple moving average of $80.55. The firm has a market cap of $268.75 billion, a P/E ratio of 14.08, a P/E/G ratio of 1.18 and a beta of 1.22.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.18. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The firm had revenue of $21.44 billion during the quarter, compared to analyst estimates of $21.11 billion. During the same period in the previous year, the business posted $1.42 EPS. The business’s quarterly revenue was up 5.3% on a year-over-year basis. On average, analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Friday, November 7th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, November 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.61%.

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.