Mystic Asset Management Inc. Purchases Shares of 28,163 Wells Fargo & Company $WFC

Mystic Asset Management Inc. purchased a new position in Wells Fargo & Company (NYSE:WFC) during the second quarter, HoldingsChannel.com reports. The fund purchased 28,163 shares of the financial services provider’s stock, valued at approximately $2,327,000.

Other hedge funds have also recently modified their holdings of the company. Oxford Financial Group LTD. LLC bought a new position in shares of Wells Fargo & Company during the second quarter valued at about $534,000. Kilter Group LLC bought a new stake in shares of Wells Fargo & Company in the second quarter worth about $50,000. Portfolio Design Labs LLC bought a new stake in shares of Wells Fargo & Company in the second quarter worth about $2,386,000. Hara Capital LLC bought a new stake in shares of Wells Fargo & Company in the second quarter worth about $270,000. Finally, SGL Investment Advisors Inc. purchased a new position in Wells Fargo & Company during the 2nd quarter valued at about $544,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Truist Financial boosted their target price on Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, June 26th. Weiss Ratings reissued a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Keefe, Bruyette & Woods decreased their target price on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a report on Wednesday, July 15th. Finally, Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Sunday, June 14th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $98.61.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $84.70 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. Wells Fargo & Company has a one year low of $72.78 and a one year high of $97.76. The company has a 50-day simple moving average of $86.11 and a two-hundred day simple moving average of $82.85. The firm has a market capitalization of $256.13 billion, a PE ratio of 12.31, a price-to-earnings-growth ratio of 0.91 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, beating the consensus estimate 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 period in the previous year, the firm posted $1.60 EPS. The business’s revenue was up 8.6% on a year-over-year basis. On average, analysts anticipate that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

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