Baker Tilly Wealth Management LLC Grows Stake in Wells Fargo & Company $WFC

Baker Tilly Wealth Management LLC boosted its position in Wells Fargo & Company (NYSE:WFC) by 17.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,179 shares of the financial services provider’s stock after purchasing an additional 1,188 shares during the period. Baker Tilly Wealth Management LLC’s holdings in Wells Fargo & Company were worth $655,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of WFC. CBIZ Investment Advisory Services LLC increased its position in Wells Fargo & Company by 585.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock worth $27,000 after buying an additional 322 shares in the last quarter. Accent Capital Management LLC purchased a new position in Wells Fargo & Company during the first quarter worth $29,000. Motco increased its position in Wells Fargo & Company by 397.6% during the first quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after buying an additional 326 shares in the last quarter. Nova Wealth Management Inc. increased its position in Wells Fargo & Company by 112.9% during the second quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider’s stock worth $34,000 after buying an additional 227 shares in the last quarter. Finally, 1248 Management LLC purchased a new position in Wells Fargo & Company during the first quarter worth $31,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Trading Up 1.1%

Shares of WFC opened at $82.30 on Thursday. The stock’s 50-day moving average is $80.37 and its two-hundred day moving average is $75.25. The stock has a market cap of $263.64 billion, a PE ratio of 14.09, a P/E/G ratio of 1.26 and a beta of 1.25. Wells Fargo & Company has a 12 month low of $53.31 and a 12 month high of $84.83. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. The company had revenue of $20.82 billion for the quarter, compared to analysts’ expectations of $20.83 billion. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.33 earnings per share. Equities analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, August 8th. Wells Fargo & Company’s payout ratio is presently 30.82%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on WFC shares. Bank of America raised their price target on Wells Fargo & Company from $83.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, June 4th. Raymond James Financial downgraded Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research report on Monday, July 7th. Piper Sandler restated an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a report on Friday, August 22nd. Finally, Phillip Securities cut Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, July 17th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.56.

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.