Jupiter Wealth Management LLC Invests $1.24 Million in Wells Fargo & Company $WFC

Jupiter Wealth Management LLC bought a new stake in Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 15,000 shares of the financial services provider’s stock, valued at approximately $1,240,000.

Other large investors have also recently made changes to their positions in the company. Godfrey Financial Associates Inc. acquired a new position in Wells Fargo & Company during the fourth quarter worth approximately $25,000. Miller Capital Partners Inc. acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $25,000. Navalign LLC acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $26,000. Joseph Group Capital Management purchased a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $28,000. Finally, Core Wealth Advisors LLC purchased a new position in shares of Wells Fargo & Company during the fourth quarter worth approximately $29,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

WFC has been the subject of several research reports. Bank of America upped their price target on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Sunday, June 14th. Keefe, Bruyette & Woods dropped their price objective on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 15th. Raymond James Financial reaffirmed a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Finally, Morgan Stanley increased their target price on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $98.61.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $84.70 on Tuesday. The stock has a market capitalization of $256.13 billion, a P/E ratio of 12.31, a P/E/G ratio of 0.91 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. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76. The company’s fifty day moving average is $86.11 and its two-hundred day moving average is $82.85.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, beating 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 quarter in the previous year, the firm earned $1.60 earnings per share. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, sell-side analysts predict that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be issued 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 boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s dividend 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.