Firetrail Investments PTY Ltd. Makes New $3.57 Million Investment in Wells Fargo & Company $WFC

Firetrail Investments PTY Ltd. purchased a new stake in Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, Holdings Channel reports. The firm purchased 43,465 shares of the financial services provider’s stock, valued at approximately $3,570,000.

Several other large investors have also modified their holdings of WFC. Nixon Peabody Trust Co. grew its holdings in Wells Fargo & Company by 3.6% in the fourth quarter. Nixon Peabody Trust Co. now owns 3,351 shares of the financial services provider’s stock valued at $312,000 after purchasing an additional 115 shares during the period. MFA Wealth Services increased its position in Wells Fargo & Company by 0.7% during the second quarter. MFA Wealth Services now owns 16,712 shares of the financial services provider’s stock worth $1,381,000 after purchasing an additional 115 shares during the last quarter. Simmons Bank raised its stake in Wells Fargo & Company by 1.9% during the fourth quarter. Simmons Bank now owns 6,359 shares of the financial services provider’s stock worth $593,000 after purchasing an additional 116 shares during the period. Wood Tarver Financial Group LLC raised its stake in Wells Fargo & Company by 1.6% during the fourth quarter. Wood Tarver Financial Group LLC now owns 7,754 shares of the financial services provider’s stock worth $722,000 after purchasing an additional 120 shares during the period. Finally, Hidden Cove Wealth Management LLC boosted its holdings in shares of Wells Fargo & Company by 1.8% in the 2nd quarter. Hidden Cove Wealth Management LLC now owns 6,846 shares of the financial services provider’s stock valued at $566,000 after purchasing an additional 124 shares during the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Up 0.2%

NYSE WFC opened at $83.83 on Friday. 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 fifty-two week low of $72.78 and a fifty-two week high of $97.76. The business has a 50 day moving average price of $86.08 and a two-hundred day moving average price of $82.97. The stock has a market cap of $253.50 billion, a PE ratio of 12.18, a P/E/G ratio of 0.91 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results 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. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The business had revenue of $22.62 billion for the quarter, compared to analysts’ expectations of $21.86 billion. During the same period in the previous year, the company posted $1.60 earnings per share. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, sell-side analysts predict that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

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

Analysts Set New Price Targets

Several analysts have recently issued reports on WFC shares. Keefe, Bruyette & Woods lowered their price objective on shares of 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. Morgan Stanley lifted their target price on Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. Truist Financial upped their price target on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Finally, Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, May 7th. Two investment 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.61.

About Wells Fargo & Company

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.