Global Retirement Partners LLC Makes New $5.83 Million Investment in Wells Fargo & Company $WFC

Global Retirement Partners LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC) during the second quarter, HoldingsChannel.com reports. The firm bought 72,812 shares of the financial services provider’s stock, valued at approximately $5,834,000.

Several other hedge funds also recently made changes to their positions in WFC. Waterloo Capital L.P. boosted its stake in shares of Wells Fargo & Company by 4.9% in the second quarter. Waterloo Capital L.P. now owns 63,398 shares of the financial services provider’s stock valued at $5,079,000 after buying an additional 2,961 shares during the period. Coldstream Capital Management Inc. grew its holdings in shares of Wells Fargo & Company by 22.2% during the 2nd quarter. Coldstream Capital Management Inc. now owns 63,683 shares of the financial services provider’s stock worth $5,102,000 after purchasing an additional 11,563 shares in the last quarter. Providence Wealth Advisors LLC grew its holdings in shares of Wells Fargo & Company by 4.4% during the 2nd quarter. Providence Wealth Advisors LLC now owns 17,030 shares of the financial services provider’s stock worth $1,318,000 after purchasing an additional 725 shares in the last quarter. Quantum Private Wealth LLC bought a new position in shares of Wells Fargo & Company in the second quarter worth $220,000. Finally, Enterprise Financial Services Corp acquired a new position in Wells Fargo & Company in the second quarter valued at about $228,000. 75.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

WFC has been the topic of a number of analyst reports. Bank of America increased their price objective on shares of Wells Fargo & Company from $92.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. UBS Group cut their price target on shares of Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a report on Tuesday, October 7th. Barclays lifted their price objective on shares of Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Weiss Ratings raised Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, October 8th. Finally, Dbs Bank upgraded Wells Fargo & Company to a “moderate buy” rating in a research note on Tuesday, October 21st. Eleven analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, Wells Fargo & Company currently has an average rating of “Moderate Buy” and a consensus price target of $89.57.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $84.62 on Tuesday. The company’s 50 day moving average price is $84.06 and its two-hundred day moving average price is $80.42. The firm has a market capitalization of $265.63 billion, a P/E ratio of 13.92, a P/E/G ratio of 1.18 and a beta of 1.22. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $88.64. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.84 and a quick ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.55 by $0.18. The company had revenue of $21.44 billion during the quarter, compared to analysts’ expectations of $21.11 billion. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.Wells Fargo & Company’s revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.42 EPS. On average, equities analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Friday, November 7th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, November 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.61%.

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.