OneAscent Financial Services LLC Acquires Shares of 19,838 Wells Fargo & Company $WFC

OneAscent Financial Services LLC acquired a new position in shares of Wells Fargo & Company (NYSE:WFC) during the second quarter, HoldingsChannel.com reports. The fund acquired 19,838 shares of the financial services provider’s stock, valued at approximately $1,639,000.

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

Wells Fargo & Company Stock Performance

Shares of WFC opened at $84.70 on Tuesday. The firm has a market cap of $256.13 billion, a price-to-earnings ratio of 12.31, a PEG 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. The business’s 50 day moving average is $86.11 and its two-hundred day moving average is $82.85. Wells Fargo & Company has a 52-week low of $72.78 and a 52-week high of $97.76.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.23. The business had revenue of $22.62 billion during 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%. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.60 earnings per share. Analysts forecast that Wells Fargo & Company will post 7.26 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid 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 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 currently 29.07%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on WFC. Truist Financial boosted their target price on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. Morgan Stanley raised their price target on shares of Wells Fargo & Company from $97.00 to $102.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Bank of America lifted their price target on shares of Wells Fargo & Company from $95.00 to $102.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. UBS Group cut their price objective on shares of Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Wells Fargo & Company in a research note on Friday, July 17th. Two 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 stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $98.61.

Wells Fargo & Company 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.