Tyche Wealth Partners LLC Boosts Stock Position in Wells Fargo & Company $WFC

Tyche Wealth Partners LLC grew its holdings in Wells Fargo & Company (NYSE:WFC) by 11.3% in the second quarter, Holdings Channel reports. The institutional investor owned 15,008 shares of the financial services provider’s stock after acquiring an additional 1,529 shares during the quarter. Tyche Wealth Partners LLC’s holdings in Wells Fargo & Company were worth $1,202,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in WFC. Brighton Jones LLC increased its position in shares of Wells Fargo & Company by 62.3% in the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock valued at $4,652,000 after buying an additional 25,436 shares in the last quarter. Procyon Advisors LLC increased its position in shares of Wells Fargo & Company by 2.8% in the first quarter. Procyon Advisors LLC now owns 6,823 shares of the financial services provider’s stock valued at $490,000 after buying an additional 184 shares in the last quarter. UMB Bank n.a. increased its position in shares of Wells Fargo & Company by 0.3% during the first quarter. UMB Bank n.a. now owns 94,040 shares of the financial services provider’s stock worth $6,751,000 after purchasing an additional 327 shares in the last quarter. Miracle Mile Advisors LLC increased its position in shares of Wells Fargo & Company by 0.8% during the first quarter. Miracle Mile Advisors LLC now owns 35,455 shares of the financial services provider’s stock worth $2,545,000 after purchasing an additional 289 shares in the last quarter. Finally, First Citizens Bank & Trust Co. lifted its holdings in Wells Fargo & Company by 2.2% in the 1st quarter. First Citizens Bank & Trust Co. now owns 36,632 shares of the financial services provider’s stock valued at $2,630,000 after purchasing an additional 778 shares in the last quarter. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Down 0.0%

Shares of NYSE:WFC opened at $80.63 on Tuesday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The business has a fifty day moving average of $80.72 and a two-hundred day moving average of $76.39. The stock has a market cap of $258.29 billion, a P/E ratio of 13.81, a PEG ratio of 1.24 and a beta of 1.25. Wells Fargo & Company has a 52-week low of $56.80 and a 52-week high of $86.65.

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

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a 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 dividend payout ratio (DPR) is currently 30.82%.

Wall Street Analysts Forecast Growth

WFC has been the topic of a number of research reports. Citigroup raised their price objective on Wells Fargo & Company from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday, September 23rd. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Saturday. Piper Sandler restated an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Evercore ISI raised their price objective on Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Finally, Truist Financial raised their price objective on Wells Fargo & Company from $86.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $83.74.

Wells Fargo & Company Profile

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.