20,909 Shares in Wells Fargo & Company $WFC Acquired by Maloon Powers Pitre Higgins & Dennehy LLC

Maloon Powers Pitre Higgins & Dennehy LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 20,909 shares of the financial services provider’s stock, valued at approximately $1,728,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Godfrey Financial Associates Inc. purchased a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $25,000. Miller Capital Partners Inc. purchased a new position in shares of Wells Fargo & Company during the 4th quarter valued at approximately $25,000. Navalign LLC acquired a new stake in Wells Fargo & Company in the 4th quarter valued at $26,000. Phillip James Consulting Co. purchased a new stake in Wells Fargo & Company in the 1st quarter worth $28,000. Finally, Core Wealth Advisors LLC purchased a new stake in Wells Fargo & Company in the 4th quarter worth $29,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 0.8%

Shares of WFC opened at $89.90 on Friday. The firm’s fifty day moving average is $86.69 and its two-hundred day moving average is $82.66. The stock has a market cap of $271.86 billion, a PE ratio of 13.07, a price-to-earnings-growth ratio of 0.97 and a beta of 0.92. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. 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 issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.23. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The business had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. During the same period last year, the company earned $1.60 EPS. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. Research analysts forecast that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th were given a dividend of $0.50 per share. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, August 7th. Wells Fargo & Company’s dividend payout ratio is currently 29.07%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on WFC shares. Keefe, Bruyette & Woods decreased their price objective on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a report on Wednesday, July 15th. JPMorgan Chase & Co. boosted their target price on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Raymond James Financial restated a “market perform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. 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 research note on Monday, June 29th. Finally, Robert W. Baird lifted their price objective on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. 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’s stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has an average rating of “Moderate Buy” and a consensus 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.