Pavion Blue Capital LLC Makes New $4.07 Million Investment in Wells Fargo & Company $WFC

Pavion Blue Capital LLC acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 48,707 shares of the financial services provider’s stock, valued at approximately $4,066,000. Wells Fargo & Company makes up 1.6% of Pavion Blue Capital LLC’s investment portfolio, making the stock its 22nd biggest position.

A number of other hedge funds have also modified their holdings of the stock. Godfrey Financial Associates Inc. bought a new position in shares of Wells Fargo & Company during the 4th quarter worth approximately $25,000. Miller Capital Partners Inc. bought a new stake in Wells Fargo & Company in the fourth quarter valued at $25,000. Navalign LLC bought a new stake in Wells Fargo & Company in the fourth quarter valued at $26,000. Joseph Group Capital Management acquired a new position in Wells Fargo & Company during the fourth quarter worth $28,000. Finally, Phillip James Consulting Co. acquired a new position in Wells Fargo & Company during the first quarter worth $28,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on WFC shares. Keefe, Bruyette & Woods cut their price objective on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a report on Wednesday, July 15th. Morgan Stanley increased their target price on shares of 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 shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, May 7th. Bank of America boosted their price target on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Finally, Truist Financial upped their price objective on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Wells Fargo & Company has a consensus rating of “Moderate Buy” and an average price target of $98.61.

Wells Fargo & Company Trading Up 0.2%

Shares of NYSE WFC opened at $83.83 on Friday. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76. The company 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. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. The company has a 50-day moving average of $86.08 and a two-hundred day moving average of $82.97.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, beating the consensus estimate of $1.73 by $0.23. The business 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%. Wells Fargo & Company’s revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.60 earnings per share. As a group, equities analysts expect that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date 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 29.07%.

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.