Occidental Asset Management LLC Purchases Shares of 6,760 Wells Fargo & Company $WFC

Occidental Asset Management LLC acquired a new stake in Wells Fargo & Company (NYSE:WFC) in the second quarter, HoldingsChannel reports. The fund acquired 6,760 shares of the financial services provider’s stock, valued at approximately $559,000.

Several other institutional investors also recently modified their holdings of WFC. Brighton Jones LLC lifted its stake in Wells Fargo & Company by 62.3% in the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock valued at $4,652,000 after purchasing an additional 25,436 shares during the last quarter. Jump Financial LLC increased its position in Wells Fargo & Company by 12.9% during the second quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider’s stock worth $1,835,000 after buying an additional 2,615 shares during the last quarter. Main Street Financial Solutions LLC increased its position in Wells Fargo & Company by 111.0% during the second quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider’s stock worth $1,122,000 after buying an additional 7,368 shares during the last quarter. Vivaldi Capital Management LP raised its stake in Wells Fargo & Company by 5.4% in the second quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider’s stock valued at $259,000 after buying an additional 165 shares during the period. Finally, Diversify Advisory Services LLC lifted its position in shares of Wells Fargo & Company by 51.2% in the second quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider’s stock valued at $2,044,000 after buying an additional 8,714 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on WFC shares. Keefe, Bruyette & Woods reduced their target price on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a research note on Wednesday, July 15th. Morgan Stanley increased their price target on Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, May 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the company a “neutral” rating in a report on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $98.61.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $83.83 on Friday. The stock has a market cap of $253.50 billion, a P/E ratio of 12.18, a PEG ratio of 0.91 and a beta of 0.92. The stock has a 50 day simple moving average of $86.08 and a 200 day simple moving average of $82.97. 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 1-year low of $72.78 and a 1-year high of $97.76.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data 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. The firm 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 company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.60 EPS. Research analysts anticipate that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently announced 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 dividend yield of 2.4%. The ex-dividend date is Friday, August 7th. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.07%.

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.