Ayrshire Capital Management LLC Purchases 1,493 Shares of Wells Fargo & Company $WFC

Ayrshire Capital Management LLC boosted its position in shares of Wells Fargo & Company (NYSE:WFC) by 40.4% during the second quarter, HoldingsChannel reports. The institutional investor owned 5,193 shares of the financial services provider’s stock after purchasing an additional 1,493 shares during the period. Ayrshire Capital Management LLC’s holdings in Wells Fargo & Company were worth $416,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in WFC. CBIZ Investment Advisory Services LLC increased its stake in Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 322 shares during the last quarter. Accent Capital Management LLC acquired a new stake in shares of Wells Fargo & Company in the 1st quarter valued at $29,000. Motco increased its stake in shares of Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 326 shares during the last quarter. Nova Wealth Management Inc. raised its holdings in shares of Wells Fargo & Company by 112.9% during the 2nd quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider’s stock worth $34,000 after buying an additional 227 shares in the last quarter. Finally, 1248 Management LLC acquired a new position in shares of Wells Fargo & Company during the 1st quarter worth $31,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

WFC has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Friday, August 22nd. Piper Sandler reaffirmed an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Raymond James Financial cut shares of Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research report on Monday, July 7th. Truist Financial raised their target price on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. Finally, Dbs Bank upgraded shares of Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a report on Thursday, July 17th. Ten investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, Wells Fargo & Company has a consensus rating of “Moderate Buy” and an average price target of $82.56.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock opened at $82.30 on Thursday. The stock has a market capitalization of $263.64 billion, a price-to-earnings ratio of 14.09, a PEG ratio of 1.26 and a beta of 1.25. Wells Fargo & Company has a 52-week low of $53.31 and a 52-week high of $84.83. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The stock’s 50 day moving average price is $80.37 and its two-hundred day moving average price is $75.25.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.13. The company had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. Wells Fargo & Company’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.33 EPS. On average, equities analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were given a dividend of $0.45 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.2%. Wells Fargo & Company’s payout ratio is currently 30.82%.

Wells Fargo & Company Profile

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.