Wedmont Private Capital Increases Stock Holdings in Wells Fargo & Company $WFC

Wedmont Private Capital increased its position in Wells Fargo & Company (NYSE:WFC) by 6.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 154,312 shares of the financial services provider’s stock after acquiring 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 also recently bought and sold shares of the company. Nixon Peabody Trust Co. increased its holdings in Wells Fargo & Company by 3.6% during the 4th quarter. Nixon Peabody Trust Co. now owns 3,351 shares of the financial services provider’s stock worth $312,000 after acquiring an additional 115 shares during the period. MFA Wealth Services boosted its holdings in Wells Fargo & Company by 0.7% in the 2nd quarter. MFA Wealth Services now owns 16,712 shares of the financial services provider’s stock valued at $1,381,000 after purchasing an additional 115 shares during the period. Simmons Bank grew its position in shares of Wells Fargo & Company by 1.9% during the 4th quarter. Simmons Bank now owns 6,359 shares of the financial services provider’s stock valued at $593,000 after purchasing an additional 116 shares in the last quarter. Wood Tarver Financial Group LLC grew its position in shares of Wells Fargo & Company by 1.6% during the 4th quarter. Wood Tarver Financial Group LLC now owns 7,754 shares of the financial services provider’s stock valued at $722,000 after purchasing an additional 120 shares in the last quarter. Finally, Hidden Cove Wealth Management LLC increased its holdings in shares of Wells Fargo & Company by 1.8% in 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 period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports 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 report on Friday, June 26th. Raymond James Financial restated a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Keefe, Bruyette & Woods lowered their price target on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a report on Wednesday, July 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Finally, Robert W. Baird boosted their price objective on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. Two investment 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $98.61.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $89.90 on Monday. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76. The company has a fifty day moving average of $86.69 and a 200-day moving average of $82.63. The company has a market capitalization 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 debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90.

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, beating analysts’ consensus estimates of $1.73 by $0.23. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The business had revenue of $22.62 billion for the quarter, compared to analysts’ expectations of $21.86 billion. During the same quarter in the prior year, the firm earned $1.60 earnings per share. The firm’s revenue was up 8.6% on a year-over-year basis. As a group, equities research analysts predict that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed 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. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, August 7th. This represents a $2.00 annualized dividend and a dividend yield of 2.2%. Wells Fargo & Company’s dividend payout ratio 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.