Wedmont Private Capital Has $13.45 Million Stake in Wells Fargo & Company $WFC

Wedmont Private Capital boosted its holdings in Wells Fargo & Company (NYSE:WFC) by 6.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 154,312 shares of the financial services provider’s stock after purchasing an additional 9,919 shares during the quarter. Wedmont Private Capital’s holdings in Wells Fargo & Company were worth $13,450,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Godfrey Financial Associates Inc. acquired a new position in shares of Wells Fargo & Company during the fourth quarter valued at about $25,000. Miller Capital Partners Inc. acquired a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $25,000. Navalign LLC acquired a new stake in shares of Wells Fargo & Company in the 4th quarter worth about $26,000. Phillip James Consulting Co. bought a new position in Wells Fargo & Company in the 1st quarter valued at about $28,000. Finally, Core Wealth Advisors LLC acquired a new position in Wells Fargo & Company during the 4th quarter valued at about $29,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Down 0.1%

WFC stock opened at $89.90 on Monday. The stock has a market cap of $271.86 billion, a P/E ratio of 13.07, a P/E/G ratio of 0.98 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 stock’s fifty day simple moving average is $86.69 and its two-hundred day simple moving average is $82.63. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year high of $97.76.

Wells Fargo & Company (NYSE:WFC) last released its earnings results 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 company had revenue of $22.62 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the business posted $1.60 EPS. Analysts expect that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s payout ratio is currently 29.07%.

Analysts Set New Price Targets

Several analysts have recently commented on WFC shares. Truist Financial increased their price objective on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Bank of America lifted their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Raymond James Financial reiterated a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. UBS Group dropped their price objective 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. Finally, Robert W. Baird lifted their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $98.61.

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.