Beck Bode LLC Makes New Investment in Wells Fargo & Company $WFC

Beck Bode LLC bought a new position in Wells Fargo & Company (NYSE:WFC) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 22,698 shares of the financial services provider’s stock, valued at approximately $1,629,000.

Other large investors have also bought and sold shares of the company. Brighton Jones LLC lifted its position in Wells Fargo & Company by 62.3% during the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock valued at $4,652,000 after purchasing an additional 25,436 shares during the period. Quarry LP bought a new stake in Wells Fargo & Company during the 4th quarter worth approximately $108,000. Voleon Capital Management LP bought a new stake in Wells Fargo & Company during the 4th quarter worth approximately $10,581,000. Connors Investor Services Inc. grew its holdings in Wells Fargo & Company by 3.4% during the 4th quarter. Connors Investor Services Inc. now owns 209,883 shares of the financial services provider’s stock valued at $14,742,000 after buying an additional 6,936 shares in the last quarter. Finally, Rehmann Capital Advisory Group grew its holdings in Wells Fargo & Company by 4.8% during the 4th quarter. Rehmann Capital Advisory Group now owns 32,321 shares of the financial services provider’s stock valued at $2,270,000 after buying an additional 1,495 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

WFC has been the subject of a number of research reports. Citigroup reiterated a “neutral” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Truist Financial increased their target price on Wells Fargo & Company from $83.00 to $86.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. Phillip Securities downgraded Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Morgan Stanley increased their target price on Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research report on Wednesday, June 4th. Finally, Cowen reiterated a “hold” rating on shares of Wells Fargo & Company in a research report on Wednesday, July 16th. Eleven equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $81.58.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $82.58 on Thursday. The stock’s fifty day moving average is $80.03 and its two-hundred day moving average is $74.98. The company has a market capitalization of $264.54 billion, a PE ratio of 14.14, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. Wells Fargo & Company has a 52 week low of $50.22 and a 52 week high of $84.83.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating the consensus estimate of $1.41 by $0.13. The company had revenue of $20.82 billion for the quarter, compared to the consensus estimate of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.Wells Fargo & Company’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.33 EPS. As a group, analysts expect that Wells Fargo & Company will post 5.89 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 Monday, September 1st. Shareholders of record on Friday, August 8th will be given a $0.45 dividend. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.2%. Wells Fargo & Company’s dividend payout ratio is currently 30.82%.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.