OneAscent Financial Services LLC Takes Position in Wells Fargo & Company $WFC

OneAscent Financial Services LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 19,838 shares of the financial services provider’s stock, valued at approximately $1,639,000.

Several other institutional investors also recently bought and sold shares of the business. Godfrey Financial Associates Inc. acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth $25,000. Miller Capital Partners Inc. acquired a new position in Wells Fargo & Company in the fourth quarter valued at $25,000. Navalign LLC purchased a new position in Wells Fargo & Company during the fourth quarter worth about $26,000. Joseph Group Capital Management acquired a new stake in Wells Fargo & Company in the 4th quarter worth about $28,000. Finally, Core Wealth Advisors LLC acquired a new stake in Wells Fargo & Company in the 4th quarter worth about $29,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Up 1.0%

Shares of NYSE:WFC opened at $84.70 on Tuesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.90 and a current ratio of 0.90. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76. The stock has a market capitalization of $256.13 billion, a P/E ratio of 12.31, a PEG ratio of 0.91 and a beta of 0.92. The stock has a 50-day simple moving average of $86.11 and a 200-day simple moving average of $82.85.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results 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. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. The firm had revenue of $22.62 billion during the quarter, compared to the consensus estimate of $21.86 billion. During the same quarter in the prior year, the company earned $1.60 EPS. The company’s revenue was up 8.6% on a year-over-year basis. Equities analysts forecast that Wells Fargo & Company will post 7.26 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The firm 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 $0.50 dividend. The ex-dividend date of this dividend is Friday, August 7th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a dividend yield of 2.4%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.07%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on WFC. Morgan Stanley increased their price objective on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Phillip Securities raised shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Robert W. Baird lifted their price target on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. UBS Group lowered their price objective on shares of Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. Finally, JPMorgan Chase & Co. upped their price objective on Wells Fargo & Company from $93.50 to $95.50 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, Wells Fargo & Company has an average 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.