Burnham & Co LLC Purchases Shares of 10,675 Wells Fargo & Company $WFC

Burnham & Co LLC acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,675 shares of the financial services provider’s stock, valued at approximately $882,000.

A number of other large investors have also recently made changes to their positions in the business. Godfrey Financial Associates Inc. purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth approximately $25,000. Miller Capital Partners Inc. purchased a new position in shares of Wells Fargo & Company during the fourth quarter valued at approximately $25,000. Navalign LLC bought a new stake in Wells Fargo & Company during the fourth quarter worth $26,000. Joseph Group Capital Management bought a new stake in Wells Fargo & Company during the fourth quarter worth $28,000. Finally, Core Wealth Advisors LLC purchased a new stake in Wells Fargo & Company in the 4th quarter valued at $29,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Stock Performance

NYSE WFC opened at $84.82 on Wednesday. The company has a market capitalization of $256.51 billion, a PE ratio of 12.33, a price-to-earnings-growth ratio of 0.92 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 52-week low of $72.78 and a 52-week high of $97.76. The company has a 50-day simple moving average of $86.11 and a 200 day simple moving average of $82.79.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. During the same period in the prior year, the firm earned $1.60 EPS. The company’s revenue was up 8.6% compared to the same quarter last year. On average, research analysts predict that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company 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 $0.50 dividend. 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 2.4%. The ex-dividend date of this dividend is Friday, August 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.07%.

Analysts Set New Price Targets

WFC has been the topic of several recent analyst reports. Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Wall Street Zen upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. JPMorgan Chase & Co. raised their price target on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Morgan Stanley raised their price target on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Finally, Truist Financial boosted their price target on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, June 26th. Two equities research 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 company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $98.61.

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.