Burnham & Co LLC Acquires New Position in Wells Fargo & Company $WFC

Burnham & Co LLC acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,675 shares of the financial services provider’s stock, valued at approximately $882,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Godfrey Financial Associates Inc. bought a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $25,000. Miller Capital Partners Inc. bought a new position in Wells Fargo & Company in the 4th quarter worth approximately $25,000. Navalign LLC bought a new position in Wells Fargo & Company in the 4th quarter worth approximately $26,000. Joseph Group Capital Management purchased a new position in Wells Fargo & Company in the 4th quarter valued at approximately $28,000. Finally, Phillip James Consulting Co. purchased 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 Price Performance

Shares of NYSE WFC opened at $84.82 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. The stock’s 50-day simple moving average is $86.11 and its two-hundred day simple moving average is $82.79. The firm has a market capitalization of $256.51 billion, a P/E ratio of 12.33, a P/E/G ratio of 0.92 and a beta of 0.92. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.23. The business had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The company’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the business posted $1.60 earnings per share. As a group, equities analysts anticipate 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. Shareholders of record on Friday, August 7th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a 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 dividend payout ratio is currently 29.07%.

Analyst Ratings Changes

Several research firms have issued reports on WFC. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Sunday, June 14th. Truist Financial lifted their price target on Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, June 26th. Morgan Stanley boosted their price objective on Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Weiss Ratings reissued a “buy (b)” rating on shares of Wells Fargo & Company in a report on Friday, July 17th. Finally, Keefe, Bruyette & Woods cut their target price on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a research note on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $98.61.

Wells Fargo & Company 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.