Global Assets Advisory LLC Invests $597,000 in Wells Fargo & Company $WFC

Global Assets Advisory LLC purchased a new position in Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 7,330 shares of the financial services provider’s stock, valued at approximately $597,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Grimes & Company Inc. lifted its stake in Wells Fargo & Company by 6.2% in the second quarter. Grimes & Company Inc. now owns 33,997 shares of the financial services provider’s stock valued at $2,724,000 after buying an additional 1,987 shares during the last quarter. Three Bridge Wealth Advisors LLC bought a new position in shares of Wells Fargo & Company during the second quarter worth about $364,000. Merit Financial Group LLC increased its holdings in shares of Wells Fargo & Company by 43.1% in the 2nd quarter. Merit Financial Group LLC now owns 150,958 shares of the financial services provider’s stock worth $12,095,000 after acquiring an additional 45,483 shares during the period. Beacon Financial Advisory LLC lifted its position in Wells Fargo & Company by 26.4% in the 2nd quarter. Beacon Financial Advisory LLC now owns 4,598 shares of the financial services provider’s stock valued at $368,000 after purchasing an additional 961 shares during the last quarter. Finally, Brown Miller Wealth Management LLC acquired a new position in Wells Fargo & Company during the 2nd quarter valued at about $350,000. 75.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on WFC shares. Phillip Securities lowered shares of Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, July 17th. The Goldman Sachs Group lowered their target price on Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating on the stock in a research report on Wednesday, July 16th. Citigroup lifted their target price on Wells Fargo & Company from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Tuesday, September 23rd. Dbs Bank raised Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Finally, Piper Sandler restated an “overweight” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Nine research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, Wells Fargo & Company presently has an average rating of “Moderate Buy” and a consensus price target of $83.74.

Wells Fargo & Company Stock Up 0.2%

WFC opened at $80.63 on Monday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The company has a market capitalization of $258.28 billion, a PE ratio of 13.81, a P/E/G ratio of 1.24 and a beta of 1.25. The stock’s fifty day moving average is $80.77 and its 200-day moving average is $76.33. Wells Fargo & Company has a one year low of $55.98 and a one year high of $86.65.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business had revenue of $20.82 billion during the quarter, compared to analysts’ expectations of $20.83 billion. During the same quarter last year, the business posted $1.33 earnings per share. The company’s quarterly revenue was up .6% on a year-over-year basis. On average, equities analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Friday, August 8th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s payout ratio is presently 30.82%.

About Wells Fargo & Company

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.