Pin Oak Investment Advisors Inc. Invests $742,000 in Wells Fargo & Company $WFC

Pin Oak Investment Advisors Inc. purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 8,976 shares of the financial services provider’s stock, valued at approximately $742,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Norges Bank acquired a new position in Wells Fargo & Company during the 4th quarter worth $4,512,563,000. Legal & General Group Plc bought a new position in Wells Fargo & Company in the 2nd quarter valued at $1,635,881,000. Bank of New York Mellon Corp acquired a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at $1,364,923,000. Deutsche Bank AG acquired a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at $859,431,000. Finally, Pzena Investment Management LLC bought a new stake in shares of Wells Fargo & Company during the second quarter worth $729,502,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

WFC stock opened at $86.62 on Friday. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76. 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 company has a market cap of $261.94 billion, a P/E ratio of 12.59, a price-to-earnings-growth ratio of 0.92 and a beta of 0.92. The business’s fifty day moving average is $86.27 and its 200-day moving average is $82.71.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.23. The business had revenue of $22.62 billion during the quarter, compared to analysts’ expectations of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.60 earnings per share. Equities research analysts forecast that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.3%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, August 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.07%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on WFC shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Morgan Stanley lifted their price objective on Wells Fargo & Company from $97.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, May 7th. 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 report on Friday, June 26th. Finally, Bank of America raised their target price on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Two research 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $98.61.

More Wells Fargo & Company News

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo is reportedly seeking to recruit hundreds of independent financial advisers, expanding its Wealth & Investment Management division and targeting affluent and high-net-worth clients. The initiative builds on a multiyear overhaul and could support fee-based revenue, asset growth and deeper customer relationships. WFC Broadens Wealth Focus: Can Its Multi-Year Revamp Drive Growth?
• Positive Sentiment: The wealth-management push follows an approximately $1.5 billion revamp and emphasizes independent advisers who can use Wells Fargo’s platform and infrastructure. Successful hiring and retention could improve the division’s long-term growth prospects, although benefits will take time to materialize. Wells Fargo Steps Up Wealth Hiring After $1.5 Billion Revamp
• Neutral Sentiment: Analysts collectively maintain a “Moderate Buy” recommendation for Wells Fargo. The rating indicates generally constructive sentiment, but it does not represent a new earnings forecast or a clearly identifiable catalyst. Wells Fargo Given Average Recommendation of Moderate Buy by Analysts
• Neutral Sentiment: A market-focused report noted that WFC advanced even as the broader market declined, suggesting relative investor support. The article did not identify a major new earnings announcement, guidance change or regulatory development behind the move. Wells Fargo Gains As Market Dips: What You Should Know

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.