MidFirst Bank Purchases Shares of 10,769 Wells Fargo & Company $WFC

MidFirst Bank purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 10,769 shares of the financial services provider’s stock, valued at approximately $890,000.

A number of other large investors also recently modified their holdings of WFC. Norges Bank acquired a new stake in shares of Wells Fargo & Company in the fourth quarter valued at about $4,512,563,000. Bank of New York Mellon Corp acquired a new position in Wells Fargo & Company during the second quarter valued at approximately $1,364,923,000. Deutsche Bank AG acquired a new position in Wells Fargo & Company during the second quarter valued at approximately $859,431,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Wells Fargo & Company in the second quarter valued at approximately $620,861,000. Finally, Amundi grew its stake in Wells Fargo & Company by 73.0% in the first quarter. Amundi now owns 16,463,550 shares of the financial services provider’s stock valued at $1,310,663,000 after purchasing an additional 6,944,316 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $83.83 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. The business’s 50 day moving average price is $86.08 and its two-hundred day moving average price is $82.97. The company has a market cap of $253.50 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 0.91 and a beta of 0.92. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $21.86 billion. During the same period last year, the firm posted $1.60 earnings per share. The business’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 firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be paid a $0.50 dividend. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.4%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.07%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on WFC shares. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Sunday, June 14th. Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Bank of America boosted 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. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $98.61.

About Wells Fargo & Company

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.