Empowered Funds LLC Invests $57.18 Million in Wells Fargo & Company $WFC

Empowered Funds LLC bought a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the second quarter, Holdings Channel reports. The institutional investor bought 691,898 shares of the financial services provider’s stock, valued at approximately $57,178,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. United Capital Financial Advisors LLC purchased a new stake in Wells Fargo & Company during the second quarter valued at $15,774,000. Yukon Wealth Management Inc. bought a new position in Wells Fargo & Company during the second quarter valued at $276,000. Brooks Moore & Associates Inc. bought a new position in Wells Fargo & Company during the second quarter valued at $1,114,000. Hamilton Capital LLC purchased a new position in shares of Wells Fargo & Company in the 2nd quarter worth $260,000. Finally, Hayek Kallen Investment Management purchased a new position in shares of Wells Fargo & Company in the 2nd quarter worth $467,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Robert W. Baird upped their target price on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Sunday, June 14th. JPMorgan Chase & Co. boosted their price objective on Wells Fargo & Company from $93.50 to $95.50 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Weiss Ratings restated a “buy (b)” rating on shares of Wells Fargo & Company in a research report on Friday, July 17th. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, Wells Fargo & Company currently has a consensus rating of “Moderate Buy” and an average target price of $98.61.

More Wells Fargo & Company News

Here are the key news stories impacting Wells Fargo & Company this week:

• Positive Sentiment: Wells Fargo is reportedly seeking to recruit hundreds of independent financial advisers, expanding its Wealth & Investment Management division and targeting affluent and high-net-worth clients. The initiative builds on a multiyear overhaul and could support fee-based revenue, asset growth and deeper customer relationships. WFC Broadens Wealth Focus: Can Its Multi-Year Revamp Drive Growth?
• Positive Sentiment: The wealth-management push follows an approximately $1.5 billion revamp and emphasizes independent advisers who can use Wells Fargo’s platform and infrastructure. Successful hiring and retention could improve the division’s long-term growth prospects, although benefits will take time to materialize. Wells Fargo Steps Up Wealth Hiring After $1.5 Billion Revamp
• Neutral Sentiment: Analysts collectively maintain a “Moderate Buy” recommendation for Wells Fargo. The rating indicates generally constructive sentiment, but it does not represent a new earnings forecast or a clearly identifiable catalyst. Wells Fargo Given Average Recommendation of Moderate Buy by Analysts
• Neutral Sentiment: A market-focused report noted that WFC advanced even as the broader market declined, suggesting relative investor support. The article did not identify a major new earnings announcement, guidance change or regulatory development behind the move. Wells Fargo Gains As Market Dips: What You Should Know

Wells Fargo & Company Trading Up 1.9%

Shares of WFC opened at $86.62 on Friday. The company’s fifty day simple moving average is $86.27 and its 200-day simple moving average is $82.71. The company has a market cap of $261.94 billion, a P/E ratio of 12.59, a P/E/G ratio of 0.92 and a beta of 0.92. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.96 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 company had revenue of $22.62 billion for the quarter, compared to the consensus estimate of $21.86 billion. During the same period in the prior year, the firm posted $1.60 EPS. The firm’s revenue was up 8.6% compared to the same quarter last year. As a group, analysts expect that Wells Fargo & Company will post 7.26 EPS 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. Stockholders of record on Friday, August 7th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.3%. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, August 7th. Wells Fargo & Company’s dividend payout ratio is 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.