West Branch Capital LLC Has $1.86 Million Stake in Wells Fargo & Company $WFC

West Branch Capital LLC cut its stake in Wells Fargo & Company (NYSE:WFC) by 23.5% in the second quarter, HoldingsChannel reports. The institutional investor owned 22,485 shares of the financial services provider’s stock after selling 6,919 shares during the quarter. West Branch Capital LLC’s holdings in Wells Fargo & Company were worth $1,858,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in WFC. Godfrey Financial Associates Inc. acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $25,000. Miller Capital Partners Inc. bought a new position in Wells Fargo & Company in the fourth quarter valued at about $25,000. Navalign LLC acquired 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 valued at $28,000. Finally, Phillip James Consulting Co. acquired a new stake in shares of Wells Fargo & Company during the first quarter worth $28,000. 75.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on WFC. Raymond James Financial restated a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Bank of America lifted their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. KGI Securities cut shares of Wells Fargo & Company to a “hold” rating in a research report on Thursday, April 16th. Piper Sandler reiterated an “overweight” rating and set a $94.00 price objective (down from $100.00) on shares of Wells Fargo & Company in a research note on Wednesday, April 15th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wells Fargo & Company in a report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $98.61.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $87.42 on Wednesday. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76. The business has a fifty day moving average price of $85.26 and a two-hundred day moving average price of $83.04. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a market capitalization of $264.35 billion, a PE ratio of 12.71, a P/E/G ratio of 0.95 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC) last announced 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. 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 for the quarter, compared to the consensus estimate of $21.86 billion. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.60 earnings per share. As a group, equities analysts predict that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.3%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 7th. Wells Fargo & Company’s payout ratio is 29.07%.

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.