Eldred Rock Partners LLC Boosts Position in Wells Fargo & Company $WFC

Eldred Rock Partners LLC increased its holdings in Wells Fargo & Company (NYSE:WFC) by 6.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 136,226 shares of the financial services provider’s stock after acquiring an additional 8,358 shares during the quarter. Wells Fargo & Company comprises approximately 2.4% of Eldred Rock Partners LLC’s portfolio, making the stock its 23rd biggest position. Eldred Rock Partners LLC’s holdings in Wells Fargo & Company were worth $11,258,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in WFC. Nixon Peabody Trust Co. grew its holdings in shares of Wells Fargo & Company by 3.6% during the fourth quarter. Nixon Peabody Trust Co. now owns 3,351 shares of the financial services provider’s stock worth $312,000 after buying an additional 115 shares in the last quarter. Simmons Bank boosted its position 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 acquiring an additional 116 shares during the last quarter. Moss Adams Wealth Advisors LLC grew its stake in Wells Fargo & Company by 1.0% in the 4th quarter. Moss Adams Wealth Advisors LLC now owns 12,048 shares of the financial services provider’s stock worth $1,123,000 after acquiring an additional 117 shares during the period. Wood Tarver Financial Group LLC grew its stake in Wells Fargo & Company by 1.6% in the 4th quarter. Wood Tarver Financial Group LLC now owns 7,754 shares of the financial services provider’s stock worth $722,000 after acquiring an additional 120 shares during the period. Finally, Mine & Arao Wealth Creation & Management LLC. raised its holdings in Wells Fargo & Company by 0.4% in the 4th quarter. Mine & Arao Wealth Creation & Management LLC. now owns 32,410 shares of the financial services provider’s stock valued at $3,021,000 after acquiring an additional 122 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on WFC shares. UBS Group reduced their price target on Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $94.00 price objective (down from $100.00) on shares of Wells Fargo & Company in a research report on Wednesday, April 15th. Morgan Stanley increased their target price on 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. Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. 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 assigned a Hold rating to the stock. According to MarketBeat.com, Wells Fargo & Company currently has an average rating of “Moderate Buy” and a consensus price target of $98.61.

Wells Fargo & Company Stock Down 0.4%

Shares of WFC opened at $87.25 on Friday. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76. The company’s fifty day moving average is $84.90 and its two-hundred day moving average is $83.06. The firm has a market cap of $263.86 billion, a PE ratio of 12.68, a price-to-earnings-growth ratio of 0.95 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 (NYSE:WFC) last released its quarterly earnings data 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. The business had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The business’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.60 EPS. Analysts forecast that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.3%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 26.16%.

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.