36,753 Shares in Wells Fargo & Company $WFC Bought by Keebeck Wealth Management

Keebeck Wealth Management purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 36,753 shares of the financial services provider’s stock, valued at approximately $3,037,000.

A number of other hedge funds have also modified their holdings of the company. Nixon Peabody Trust Co. lifted its holdings in shares of Wells Fargo & Company by 3.6% during the fourth quarter. Nixon Peabody Trust Co. now owns 3,351 shares of the financial services provider’s stock worth $312,000 after purchasing an additional 115 shares during the period. MFA Wealth Services boosted its position in Wells Fargo & Company by 0.7% in the second quarter. MFA Wealth Services now owns 16,712 shares of the financial services provider’s stock valued at $1,381,000 after buying an additional 115 shares during the last quarter. Simmons Bank increased its holdings in Wells Fargo & Company by 1.9% in the 4th quarter. Simmons Bank now owns 6,359 shares of the financial services provider’s stock worth $593,000 after buying an additional 116 shares during the period. Wood Tarver Financial Group LLC increased its holdings in Wells Fargo & Company by 1.6% in the 4th quarter. Wood Tarver Financial Group LLC now owns 7,754 shares of the financial services provider’s stock worth $722,000 after buying an additional 120 shares during the period. Finally, Hidden Cove Wealth Management LLC raised its position in Wells Fargo & Company by 1.8% during the 2nd quarter. Hidden Cove Wealth Management LLC now owns 6,846 shares of the financial services provider’s stock worth $566,000 after buying an additional 124 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $84.70 on Tuesday. The stock has a market capitalization of $256.13 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 0.91 and a beta of 0.92. Wells Fargo & Company has a 12 month low of $72.78 and a 12 month high of $97.76. The firm’s 50 day simple moving average is $86.11 and its 200-day simple moving average is $82.85. 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 (NYSE:WFC) last posted its 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 net margin of 17.55% and a return on equity of 13.85%. The firm had revenue of $22.62 billion during the quarter, compared to analysts’ expectations of $21.86 billion. During the same period in the previous year, the business posted $1.60 EPS. The business’s revenue was up 8.6% compared to the same quarter last year. Analysts expect that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Friday, August 7th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 dividend on an annualized basis and a yield of 2.4%. Wells Fargo & Company’s dividend payout ratio is presently 29.07%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Raymond James Financial reaffirmed a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. UBS Group reduced their target price on shares of Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating for the company in a report on Tuesday, July 7th. JPMorgan Chase & Co. boosted their target price 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 research report on Monday, June 29th. Finally, Truist Financial lifted their price objective on Wells Fargo & Company from $90.00 to $94.00 and gave the company a “buy” rating in a research note on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $98.61.

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.