Panoramic Capital Partners LLC Acquires Shares of 2,925 Wells Fargo & Company $WFC

Panoramic Capital Partners LLC acquired a new position in Wells Fargo & Company (NYSE:WFC) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,925 shares of the financial services provider’s stock, valued at approximately $245,000.

Other institutional investors have also recently made changes to their positions in the company. CBIZ Investment Advisory Services LLC boosted its holdings in Wells Fargo & Company by 585.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 322 shares during the last quarter. Accent Capital Management LLC purchased a new stake in shares of Wells Fargo & Company in the first quarter worth about $29,000. Motco boosted its stake in shares of Wells Fargo & Company by 397.6% in the first quarter. Motco now owns 408 shares of the financial services provider’s stock worth $29,000 after buying an additional 326 shares during the last quarter. Nova Wealth Management Inc. grew its holdings in Wells Fargo & Company by 112.9% during the second quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 227 shares during the period. Finally, 1248 Management LLC purchased a new position in Wells Fargo & Company during the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 75.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on WFC. Truist Financial upped their price objective on Wells Fargo & Company from $86.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. Wall Street Zen cut shares of Wells Fargo & Company from a “hold” rating to a “sell” rating in a research note on Friday, September 26th. Dbs Bank raised shares of Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a report on Thursday, July 17th. Bank of America raised their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, June 4th. Finally, Citigroup upped their price objective on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. Nine equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $83.74.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $83.87 on Wednesday. The company has a market cap of $268.67 billion, a P/E ratio of 14.36, a P/E/G ratio of 1.31 and a beta of 1.25. Wells Fargo & Company has a twelve month low of $54.40 and a twelve month high of $86.65. The company’s 50-day moving average price is $80.96 and its 200-day moving average price is $76.12. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The company had revenue of $20.82 billion during the quarter, compared to analysts’ expectations of $20.83 billion. During the same quarter in the prior year, the company earned $1.33 EPS. Wells Fargo & Company’s revenue was up .6% compared to the same quarter last year. On average, sell-side analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were given a dividend of $0.45 per share. The ex-dividend date was Friday, August 8th. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. Wells Fargo & Company’s dividend payout ratio (DPR) is 30.82%.

About Wells Fargo & Company

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.