Clear Harbor Asset Management LLC Invests $1.45 Million in Wells Fargo & Company $WFC

Clear Harbor Asset Management LLC acquired a new stake in Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 17,554 shares of the financial services provider’s stock, valued at approximately $1,451,000.

Several other large investors have also bought and sold shares of WFC. Godfrey Financial Associates Inc. acquired a new stake in Wells Fargo & Company in the 4th quarter valued at about $25,000. Miller Capital Partners Inc. acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $25,000. Navalign LLC acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $26,000. Joseph Group Capital Management bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $28,000. Finally, Core Wealth Advisors LLC bought a new stake in shares of Wells Fargo & Company in the 4th quarter worth approximately $29,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

WFC stock opened at $84.82 on Wednesday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a one year low of $72.78 and a one year high of $97.76. The firm has a market capitalization of $256.51 billion, a PE ratio of 12.33, a P/E/G ratio of 0.92 and a beta of 0.92. The firm has a 50-day moving average of $86.11 and a two-hundred day moving average of $82.79.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.23. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The business had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. During the same period last year, the firm posted $1.60 earnings per share. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, 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 disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.4%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.07%.

Analysts Set New Price Targets

Several research firms recently commented on WFC. Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Weiss Ratings restated a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Morgan Stanley increased their price objective on Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Finally, UBS Group reduced their price objective on Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average price target of $98.61.

Wells Fargo & Company 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.