Cerro Pacific Wealth Advisors LLC Purchases 202 Shares of Wells Fargo & Company $WFC

Cerro Pacific Wealth Advisors LLC increased its position in Wells Fargo & Company (NYSE:WFC) by 4.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,907 shares of the financial services provider’s stock after purchasing an additional 202 shares during the quarter. Cerro Pacific Wealth Advisors LLC’s holdings in Wells Fargo & Company were worth $393,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of WFC. Accretive Wealth Partners LLC bought a new position in shares of Wells Fargo & Company during the first quarter valued at $399,000. Banco Bilbao Vizcaya Argentaria S.A. lifted its holdings in shares of Wells Fargo & Company by 10.4% during the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider’s stock valued at $54,471,000 after acquiring an additional 71,740 shares during the period. Secured Retirement Advisors LLC bought a new position in shares of Wells Fargo & Company during the first quarter valued at $408,000. RKL Wealth Management LLC lifted its holdings in shares of Wells Fargo & Company by 166.4% during the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock valued at $588,000 after acquiring an additional 5,113 shares during the period. Finally, Three Bridge Wealth Advisors LLC bought a new position in shares of Wells Fargo & Company during the second quarter valued at $364,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Price Performance

Shares of WFC stock opened at $77.74 on Friday. The stock has a 50-day moving average price of $80.63 and a 200 day moving average price of $76.53. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The firm has a market cap of $249.04 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 1.25 and a beta of 1.25. Wells Fargo & Company has a 12 month low of $58.42 and a 12 month high of $86.65.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. The firm had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company’s revenue was up .6% on a year-over-year basis. During the same period last year, the company earned $1.33 earnings per share. Research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were given a $0.45 dividend. The ex-dividend date was Friday, August 8th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a yield of 2.3%. Wells Fargo & Company’s dividend payout ratio is 30.82%.

Analyst Ratings Changes

WFC has been the subject of a number of analyst reports. Weiss Ratings raised Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday. Raymond James Financial cut Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a report on Monday, July 7th. Morgan Stanley cut Wells Fargo & Company from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $87.00 to $90.00 in a report on Monday, September 29th. Truist Financial lifted their price objective on Wells Fargo & Company from $86.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Finally, Phillip Securities lowered Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Nine investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $85.41.

About Wells Fargo & Company

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.