15,296 Shares in Wells Fargo & Company $WFC Purchased by Principle Wealth Partners LLC

Principle Wealth Partners LLC acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) during the second quarter, Holdings Channel reports. The institutional investor acquired 15,296 shares of the financial services provider’s stock, valued at approximately $1,264,000.

Other institutional investors have also recently modified their holdings of the company. UP Strategic Wealth Investment Advisors LLC acquired a new stake in Wells Fargo & Company in the second quarter valued at approximately $432,000. Capital Financial Group Inc. Co. ADV purchased a new stake in Wells Fargo & Company during the 2nd quarter valued at about $764,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Wells Fargo & Company in the second quarter valued at approximately $620,861,000. Hikari Power Ltd acquired a new stake in shares of Wells Fargo & Company in the 2nd quarter worth $455,000. Finally, Firetrail Investments PTY Ltd. acquired a new stake in Wells Fargo & Company during the second quarter worth about $3,570,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on WFC. Truist Financial raised their target price on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Raymond James Financial reaffirmed a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Bank of America increased their price target on Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Robert W. Baird raised their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. boosted their target price on Wells Fargo & Company from $93.50 to $95.50 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $98.61.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $83.83 on Friday. 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 $86.08 and a 200-day simple moving average of $82.97. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market capitalization of $253.50 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 0.91 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results 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 company had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. During the same period last year, the business posted $1.60 EPS. The company’s revenue was up 8.6% on a year-over-year basis. On average, analysts predict that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be given a $0.50 dividend. The ex-dividend date is Friday, August 7th. 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%. Wells Fargo & Company’s payout ratio is 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.