Maloon Powers Pitre Higgins & Dennehy LLC Invests $1.73 Million in Wells Fargo & Company $WFC

Maloon Powers Pitre Higgins & Dennehy LLC purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 20,909 shares of the financial services provider’s stock, valued at approximately $1,728,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Nixon Peabody Trust Co. boosted its position in shares of Wells Fargo & Company by 3.6% during the fourth quarter. Nixon Peabody Trust Co. now owns 3,351 shares of the financial services provider’s stock valued at $312,000 after buying an additional 115 shares during the period. MFA Wealth Services boosted its holdings in Wells Fargo & Company by 0.7% during the 2nd quarter. MFA Wealth Services now owns 16,712 shares of the financial services provider’s stock valued at $1,381,000 after acquiring an additional 115 shares during the period. Simmons Bank grew its position in Wells Fargo & Company by 1.9% in the 4th quarter. Simmons Bank now owns 6,359 shares of the financial services provider’s stock valued at $593,000 after acquiring an additional 116 shares during the last quarter. Wood Tarver Financial Group LLC increased its stake in Wells Fargo & Company by 1.6% in the fourth quarter. Wood Tarver Financial Group LLC now owns 7,754 shares of the financial services provider’s stock worth $722,000 after purchasing an additional 120 shares during the period. Finally, Hidden Cove Wealth Management LLC lifted its position in shares of Wells Fargo & Company by 1.8% during the second quarter. Hidden Cove Wealth Management LLC now owns 6,846 shares of the financial services provider’s stock worth $566,000 after purchasing an additional 124 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on WFC. Truist Financial raised their price target on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Weiss Ratings restated a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Raymond James Financial reaffirmed a “market perform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. Robert W. Baird lifted their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Finally, Bank of America boosted their price target on Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.61.

Wells Fargo & Company Stock Up 0.8%

NYSE:WFC opened at $89.90 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick 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 has a 50-day moving average of $86.69 and a 200 day moving average of $82.66. The firm has a market cap of $271.86 billion, a PE ratio of 13.07, a price-to-earnings-growth ratio of 0.97 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 EPS 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 during the quarter, compared to analyst estimates of $21.86 billion. During the same quarter in the previous year, the business posted $1.60 EPS. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. As a group, research analysts anticipate that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th were issued a dividend of $0.50 per share. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Friday, August 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 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.