Pallas Capital Advisors LLC Purchases Shares of 53,450 Wells Fargo & Company $WFC

Pallas Capital Advisors LLC purchased a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 53,450 shares of the financial services provider’s stock, valued at approximately $4,417,000.

Other hedge funds also recently modified their holdings of the company. Nixon Peabody Trust Co. grew its stake in shares of Wells Fargo & Company by 3.6% in 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 last quarter. MFA Wealth Services raised its position in Wells Fargo & Company by 0.7% during the 2nd quarter. MFA Wealth Services now owns 16,712 shares of the financial services provider’s stock worth $1,381,000 after purchasing an additional 115 shares during the last quarter. Simmons Bank lifted its holdings in Wells Fargo & Company by 1.9% during 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 lifted its holdings in Wells Fargo & Company by 1.6% during 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 lifted its holdings 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 period. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wall Street Analysts Forecast Growth

WFC has been the subject of several recent research reports. UBS Group decreased their price target on Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. Truist Financial lifted their price objective on Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Weiss Ratings reiterated a “buy (b)” rating on shares of Wells Fargo & Company in a report on Friday, July 17th. Keefe, Bruyette & Woods reduced their target price on Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a report on Wednesday, July 15th. Finally, Wall Street Zen raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Sunday, June 14th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $98.61.

Wells Fargo & Company Stock Performance

Shares of WFC stock opened at $83.83 on Friday. The firm has a 50 day moving average of $86.08 and a 200-day moving average of $82.97. The company has a market cap of $253.50 billion, a price-to-earnings ratio of 12.18, a price-to-earnings-growth 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 52 week low of $72.78 and a 52 week 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 net margin of 17.55% and a return on equity of 13.85%. The company 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 company earned $1.60 EPS. Wells Fargo & Company’s quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities analysts forecast that Wells Fargo & Company will post 7.26 earnings per share for the current 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 paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.4%. 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. 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.