R.H. Investment Group LLC Takes Position in Wells Fargo & Company $WFC

R.H. Investment Group LLC acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, Holdings Channel reports. The institutional investor acquired 69,656 shares of the financial services provider’s stock, valued at approximately $5,756,000. Wells Fargo & Company comprises about 4.3% of R.H. Investment Group LLC’s portfolio, making the stock its 9th biggest position.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Godfrey Financial Associates Inc. acquired a new stake in Wells Fargo & Company during the 4th quarter valued at approximately $25,000. Miller Capital Partners Inc. acquired a new position in shares of Wells Fargo & Company in the 4th quarter worth approximately $25,000. Navalign LLC bought a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $26,000. Joseph Group Capital Management bought a new stake in shares of Wells Fargo & Company in 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 and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on WFC. Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Sunday, June 14th. JPMorgan Chase & Co. upped their price target on shares of Wells Fargo & Company from $93.50 to $95.50 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Morgan Stanley increased their price target on 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 Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Finally, Robert W. Baird boosted their price objective on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $98.61.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $83.83 on Friday. The company has a fifty day moving average of $86.08 and a 200-day moving average of $82.97. The firm has a market capitalization of $253.50 billion, a P/E ratio of 12.18, a P/E/G ratio of 0.91 and a beta of 0.92. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76.

Wells Fargo & Company (NYSE:WFC) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.23. The company had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. Wells Fargo & Company had a net margin of 17.55% and a return on equity of 13.85%. Wells Fargo & Company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.60 EPS. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th will be issued a dividend of $0.50 per share. 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%. The ex-dividend date is Friday, August 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.07%.

About Wells Fargo & Company

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.