10,609 Shares in Wells Fargo & Company $WFC Acquired by Phillips Wealth Planners LLC

Phillips Wealth Planners LLC bought a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 10,609 shares of the financial services provider’s stock, valued at approximately $925,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Godfrey Financial Associates Inc. bought a new stake in shares of Wells Fargo & Company during the fourth quarter worth $25,000. Miller Capital Partners Inc. bought a new stake in Wells Fargo & Company in the 4th quarter valued at $25,000. Navalign LLC bought a new stake in Wells Fargo & Company in the 4th quarter valued at $26,000. Joseph Group Capital Management acquired a new position in Wells Fargo & Company in the 4th quarter worth $28,000. Finally, Phillip James Consulting Co. acquired a new position in Wells Fargo & Company in the 1st quarter worth $28,000. Institutional investors own 75.90% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on WFC shares. Keefe, Bruyette & Woods dropped their price target on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 15th. Truist Financial upped their price objective on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. Phillip Securities upgraded Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, May 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Finally, UBS Group cut their target price on Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and an average target price of $98.61.

Wells Fargo & Company Trading Up 0.2%

Wells Fargo & Company stock opened at $83.83 on Friday. The company 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. The firm has a 50-day moving average of $86.08 and a 200-day moving average of $82.97. 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 one year low of $72.78 and a one year 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. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The business had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. During the same quarter in the previous year, the business earned $1.60 earnings per share. Wells Fargo & Company’s quarterly revenue was up 8.6% on a year-over-year basis. On average, equities analysts expect that Wells Fargo & Company will post 7.26 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be given a dividend of $0.50 per share. This is a positive change 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 annualized dividend and a dividend yield of 2.4%. Wells Fargo & Company’s payout ratio is presently 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.