Wealthspan Partners LLC Acquires New Stake in Wells Fargo & Company $WFC

Wealthspan Partners LLC purchased a new position in Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, HoldingsChannel reports. The fund purchased 11,120 shares of the financial services provider’s stock, valued at approximately $919,000.

A number of other hedge funds also recently bought and sold shares of WFC. Godfrey Financial Associates Inc. bought a new position in shares of Wells Fargo & Company in the fourth quarter worth approximately $25,000. Miller Capital Partners Inc. purchased a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $25,000. Navalign LLC bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $26,000. Joseph Group Capital Management purchased a new position in Wells Fargo & Company in the 4th quarter worth approximately $28,000. Finally, Phillip James Consulting Co. bought a new position in Wells Fargo & Company in the 1st quarter valued at approximately $28,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 0.2%

Shares of WFC stock opened at $83.83 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a fifty day simple moving average of $86.08 and a two-hundred day simple moving average of $82.97. The firm has a market capitalization of $253.50 billion, a PE ratio of 12.18, a PEG ratio of 0.91 and a beta of 0.92. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.23. The firm had revenue of $22.62 billion for the quarter, compared to analysts’ expectations of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.60 earnings per share. On average, analysts predict that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, August 7th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s payout ratio is 29.07%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Keefe, Bruyette & Woods dropped their price objective on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 15th. Robert W. Baird boosted their target price on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Truist Financial upped their target price on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, June 26th. Morgan Stanley raised their price target on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, Wells Fargo & Company presently has an average rating of “Moderate Buy” and an average price target of $98.61.

Wells Fargo & Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.