Rayburn West Financial Services LLC Makes New Investment in Wells Fargo & Company $WFC

Rayburn West Financial Services LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 19,450 shares of the financial services provider’s stock, valued at approximately $1,607,000.

A number of other hedge funds have also made changes to their positions in WFC. First National Bank of Omaha acquired a new position in shares of Wells Fargo & Company during the 2nd quarter valued at about $7,221,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in Wells Fargo & Company in the 2nd quarter worth approximately $100,000. Equity Investment Corp acquired a new stake in Wells Fargo & Company in the 2nd quarter worth approximately $124,359,000. Aljian Capital Management LLC bought a new stake in Wells Fargo & Company during the second quarter worth approximately $1,287,000. Finally, Meeder Advisory Services Inc. bought a new stake in Wells Fargo & Company during the second quarter worth approximately $6,250,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Trading Up 0.2%

Shares of WFC stock opened at $83.83 on Friday. The firm has a market capitalization of $253.50 billion, a P/E ratio of 12.18, a price-to-earnings-growth ratio of 0.91 and a beta of 0.92. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76. The firm’s fifty day simple moving average is $86.08 and its 200 day simple moving average is $82.97. 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 issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.23. The firm had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The business’s revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.60 EPS. As a group, sell-side analysts predict 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 given a dividend of $0.50 per share. 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 dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, August 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.07%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on WFC shares. Keefe, Bruyette & Woods lowered their price target on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a report on Wednesday, July 15th. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Morgan Stanley raised their target price on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the company 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 report on Thursday, May 7th. Finally, Truist Financial boosted their target price on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. Two 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.