Perigon Wealth Management LLC Buys Shares of 138,676 Wells Fargo & Company $WFC

Perigon Wealth Management LLC bought a new position in Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, Holdings Channel.com reports. The fund bought 138,676 shares of the financial services provider’s stock, valued at approximately $11,460,000.

Several other hedge funds also recently modified their holdings of the business. Godfrey Financial Associates Inc. acquired a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $25,000. Miller Capital Partners Inc. acquired a new position in Wells Fargo & Company during the fourth quarter worth $25,000. Navalign LLC acquired a new position in Wells Fargo & Company during the fourth quarter worth $26,000. Joseph Group Capital Management bought a new position in Wells Fargo & Company during the fourth quarter valued at about $28,000. Finally, Phillip James Consulting Co. bought a new position in Wells Fargo & Company during the first quarter valued at about $28,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

WFC has been the subject of several recent analyst reports. Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Morgan Stanley boosted their target price 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. Bank of America upped their target price on Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. increased their price target on Wells Fargo & Company from $93.50 to $95.50 and gave the company a “neutral” rating in a report on Wednesday, July 29th. 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $98.61.

Wells Fargo & Company Stock Up 0.2%

Wells Fargo & Company stock opened at $83.83 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. Wells Fargo & Company has a fifty-two week low of $72.78 and a fifty-two week high of $97.76. The firm has a fifty day moving average price of $86.08 and a two-hundred day moving average price of $82.97. The firm has a market cap of $253.50 billion, a price-to-earnings ratio of 12.18, a P/E/G ratio of 0.91 and a beta of 0.92.

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

Wells Fargo & Company Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be issued a $0.50 dividend. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.00 dividend on an annualized basis and a yield of 2.4%. 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.