Kentucky Farm Bureau Mutual Insurance Co Acquires Shares of 21,634 Wells Fargo & Company $WFC

Kentucky Farm Bureau Mutual Insurance Co bought a new stake in Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 21,634 shares of the financial services provider’s stock, valued at approximately $1,788,000.

Other large investors have also made changes to their positions in the company. Addison Advisors LLC acquired a new stake in shares of Wells Fargo & Company during the 2nd quarter worth about $84,000. West Family Investments Inc. bought a new position in Wells Fargo & Company during the 2nd quarter valued at about $827,000. Knuff & Co LLC acquired a new position in Wells Fargo & Company in the second quarter valued at about $1,181,000. Empirical Asset Management LLC acquired a new position in Wells Fargo & Company in the second quarter valued at about $1,085,000. Finally, Chancellor Financial Group WB LP bought a new stake in Wells Fargo & Company during the second quarter worth about $229,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $83.83 on Monday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market cap of $253.50 billion, a P/E ratio of 12.18, a P/E/G ratio of 0.91 and a beta of 0.92. The firm has a 50 day simple moving average of $86.08 and a 200 day simple moving average of $82.91. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.23. The firm had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.60 EPS. Sell-side analysts predict that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have recently commented on WFC shares. Wall Street Zen raised Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Sunday, June 14th. Truist Financial raised their price target on Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a report on Friday, June 26th. Robert W. Baird lifted their price objective on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Finally, Keefe, Bruyette & Woods decreased their target price 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. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $98.61.

Wells Fargo & 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.