Wealthfront Advisers LLC Takes $34.74 Million Position in Wells Fargo & Company $WFC

Wealthfront Advisers LLC purchased a new stake in Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 420,371 shares of the financial services provider’s stock, valued at approximately $34,739,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Godfrey Financial Associates Inc. bought a new position in Wells Fargo & Company in the 4th quarter valued at about $25,000. Miller Capital Partners Inc. acquired a new position in shares of Wells Fargo & Company in the 4th quarter valued at approximately $25,000. Navalign LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $26,000. Joseph Group Capital Management bought a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $28,000. Finally, Core Wealth Advisors LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter worth approximately $29,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 0.0%

WFC opened at $83.83 on Monday. The company has a market cap of $253.50 billion, a P/E ratio of 12.18, a PEG ratio of 0.91 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. The company’s 50 day moving average is $86.08 and its 200-day moving average is $82.91. Wells Fargo & Company has a 1-year low of $72.78 and a 1-year 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, topping analysts’ consensus estimates of $1.73 by $0.23. The business had revenue of $22.62 billion during the quarter, compared to analysts’ expectations of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.60 EPS. Equities research analysts predict that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, August 7th. This is a boost 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%. Wells Fargo & Company’s payout ratio is presently 29.07%.

Wall Street Analysts Forecast Growth

WFC has been the topic of a number of recent analyst reports. Bank of America lifted their price objective on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Morgan Stanley upped their target price on 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. Robert W. Baird raised their target price on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Sunday, June 14th. Finally, Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, May 7th. Two investment 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 stock. Based on data from MarketBeat, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.