Evolve Private Wealth LLC Invests $1.14 Million in Wells Fargo & Company $WFC

Evolve Private Wealth LLC acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the second quarter, HoldingsChannel.com reports. The fund acquired 13,817 shares of the financial services provider’s stock, valued at approximately $1,142,000.

Other institutional investors have also made changes to their positions in the company. Martin & Co. Inc. TN acquired a new stake in Wells Fargo & Company in the 2nd quarter worth approximately $1,846,000. WealthShield Partners LLC bought a new stake in Wells Fargo & Company during the second quarter worth approximately $2,145,000. Farringdon Capital Ltd. acquired a new position in Wells Fargo & Company during the second quarter valued at approximately $206,000. Chou Associates Management Inc. acquired a new position in Wells Fargo & Company during the second quarter valued at approximately $4,921,000. Finally, W1M Asset Management Ltd bought a new position in shares of Wells Fargo & Company in the second quarter valued at approximately $511,000. 75.90% of the stock is owned by institutional investors.

Wells Fargo & Company Trading Up 0.1%

Shares of Wells Fargo & Company stock opened at $84.82 on Wednesday. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76. The company’s fifty day simple moving average is $86.11 and its 200-day simple moving average is $82.79. The company has a market cap of $256.51 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 0.92 and a beta of 0.92. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09.

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

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, August 7th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s payout ratio is presently 29.07%.

Analyst Ratings Changes

A number of analysts have recently weighed in on WFC shares. Morgan Stanley boosted their price objective on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Robert W. Baird lifted their target price on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Wednesday, July 15th. Bank of America lifted their target price on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods cut their target price on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating for the company in a research report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $98.61.

Wells Fargo & Company 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.