Silicon Valley Capital Partners raised its stake in shares of Wells Fargo & Company (NYSE:WFC) by 31.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,312 shares of the financial services provider’s stock after acquiring an additional 2,211 shares during the period. Silicon Valley Capital Partners’ holdings in Wells Fargo & Company were worth $422,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Centerpoint Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at $25,000. Isthmus Partners LLC purchased a new stake in shares of Wells Fargo & Company during the 2nd quarter valued at $27,000. MV Capital Management Inc. increased its position in shares of Wells Fargo & Company by 561.5% during the 2nd quarter. MV Capital Management Inc. now owns 602 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 511 shares during the last quarter. Holloway Wealth Management LLC increased its position in shares of Wells Fargo & Company by 547.0% during the 2nd quarter. Holloway Wealth Management LLC now owns 647 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 547 shares during the last quarter. Finally, Loomis Sayles & Co. L P purchased a new stake in shares of Wells Fargo & Company during the 1st quarter valued at $27,000. 70.82% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently issued reports on WFC shares. Royal Bank of Canada raised their target price on Wells Fargo & Company from $40.00 to $45.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 7th. Bank of America raised Wells Fargo & Company from a “neutral” rating to a “buy” rating and set a $60.00 price objective for the company in a report on Friday, June 4th. Keefe, Bruyette & Woods assumed coverage on Wells Fargo & Company in a report on Wednesday, July 7th. They issued an “outperform” rating and a $57.00 price objective for the company. Raymond James lifted their price objective on Wells Fargo & Company from $52.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, August 26th. Finally, Evercore ISI reissued a “buy” rating and issued a $49.00 price objective on shares of Wells Fargo & Company in a report on Friday, September 10th. Eight analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company currently has an average rating of “Buy” and a consensus target price of $47.52.
Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Tuesday, July 13th. The financial services provider reported $1.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.98 by $0.40. The firm had revenue of $20.27 billion during the quarter, compared to the consensus estimate of $17.69 billion. Wells Fargo & Company had a return on equity of 9.85% and a net margin of 19.79%. The company’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.66) EPS. As a group, analysts expect that Wells Fargo & Company will post 4.37 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 1st. Stockholders of record on Friday, August 6th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date was Thursday, August 5th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.10. Wells Fargo & Company’s dividend payout ratio (DPR) is 145.45%.
Wells Fargo & Company Company Profile
Wells Fargo & Co is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance. It firm operates through the following segments: Community Banking, Wholesale Banking, Wealth & Investment Management, and Other.
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