Haverford Trust Co Acquires New Holdings in Wells Fargo & Company $WFC

Haverford Trust Co bought a new position in Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 48,007 shares of the financial services provider’s stock, valued at approximately $3,967,000.

Other large investors have also added to or reduced their stakes in the company. Godfrey Financial Associates Inc. bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at $25,000. Miller Capital Partners Inc. purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth $25,000. Navalign LLC bought a new stake in shares of Wells Fargo & Company in the fourth quarter worth $26,000. Joseph Group Capital Management bought a new stake in shares of Wells Fargo & Company in the fourth quarter worth $28,000. Finally, Phillip James Consulting Co. purchased a new stake in Wells Fargo & Company during the first quarter valued at $28,000. Institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on WFC shares. JPMorgan Chase & Co. increased their target price on Wells Fargo & Company from $93.50 to $95.50 and gave the company a “neutral” rating in a report on Wednesday, July 29th. Truist Financial upped their price target on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, June 26th. Wall Street Zen upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Sunday, June 14th. Bank of America increased their price objective on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Finally, Morgan Stanley raised their price objective on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Two 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $98.61.

Wells Fargo & Company Price Performance

Shares of Wells Fargo & Company stock opened at $84.82 on Wednesday. The stock has a market cap of $256.51 billion, a P/E ratio of 12.33, a P/E/G ratio of 0.92 and a beta of 0.92. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s fifty day moving average is $86.11 and its 200 day moving average is $82.79. Wells Fargo & Company has a one year low of $72.78 and a one year high of $97.76.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.23. The business had revenue of $22.62 billion during the quarter, compared to analyst estimates of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.Wells Fargo & Company’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.60 earnings per share. Sell-side analysts anticipate that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders 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 dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, August 7th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s payout ratio is presently 29.07%.

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.