CFO4Life Group LLC Purchases Shares of 8,109 Wells Fargo & Company $WFC

CFO4Life Group LLC acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,109 shares of the financial services provider’s stock, valued at approximately $670,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at approximately $4,512,563,000. Bank of New York Mellon Corp acquired a new stake in shares of Wells Fargo & Company during the second quarter worth $1,364,923,000. Deutsche Bank AG bought a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at about $859,431,000. Pzena Investment Management LLC bought a new stake in Wells Fargo & Company in the second quarter valued at approximately $729,502,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Wells Fargo & Company in the 2nd quarter valued at $620,861,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Price Performance

Shares of WFC opened at $84.82 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76. The stock has a market capitalization of $256.51 billion, a P/E ratio of 12.33, a P/E/G ratio of 0.92 and a beta of 0.92. The company has a 50 day moving average of $86.11 and a 200-day moving average of $82.79.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.23. The business had revenue of $22.62 billion for the quarter, compared to analyst estimates of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.60 earnings per share. As a group, equities research analysts forecast that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.4%. The ex-dividend date is Friday, August 7th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.07%.

Wall Street Analyst Weigh In

WFC has been the subject of a number of research analyst reports. Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Morgan Stanley raised 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 report on Monday, June 29th. Wall Street Zen upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. UBS Group dropped their price objective on shares of Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Finally, Truist Financial upped their target price 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. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $98.61.

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.