one8zero8 LLC Makes New Investment in Wells Fargo & Company $WFC

one8zero8 LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 6,905 shares of the financial services provider’s stock, valued at approximately $571,000.

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

Analyst Upgrades and Downgrades

WFC has been the topic of a number of research reports. UBS Group reduced their target price 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. Bank of America upped their price objective on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Raymond James Financial reiterated a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Finally, Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Two equities research 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’s stock. According to MarketBeat, Wells Fargo & Company has an average rating of “Moderate Buy” and an average price target of $98.61.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $83.83 on Monday. The firm has a market capitalization of $253.50 billion, a P/E ratio of 12.18, a P/E/G ratio of 0.91 and a beta of 0.92. 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 52 week low of $72.78 and a 52 week high of $97.76. The firm’s 50 day moving average is $86.08 and its two-hundred day moving average is $82.91.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.23. The business had revenue of $22.62 billion during the quarter, compared to analysts’ expectations of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.60 EPS. Research analysts forecast that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed 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 is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 2.4%. The ex-dividend date is Friday, August 7th. Wells Fargo & Company’s payout ratio is currently 29.07%.

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.