Acorn Creek Capital LLC Purchases New Shares in Wells Fargo & Company $WFC

Acorn Creek Capital LLC purchased a new stake in Wells Fargo & Company (NYSE:WFC) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,715 shares of the financial services provider’s stock, valued at approximately $218,000.

A number of other institutional investors and hedge funds have also bought and sold shares of WFC. Livforsakringsbolaget Skandia Omsesidigt raised its position in Wells Fargo & Company by 2,735,254.3% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock valued at $76,095,550,000 after buying an additional 949,735,001 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in Wells Fargo & Company by 277.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock valued at $771,092,000 after buying an additional 7,894,919 shares during the last quarter. Strs Ohio purchased a new stake in Wells Fargo & Company in the 1st quarter valued at $109,643,000. Canada Pension Plan Investment Board raised its position in Wells Fargo & Company by 34.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 5,307,366 shares of the financial services provider’s stock valued at $381,016,000 after buying an additional 1,365,629 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in Wells Fargo & Company by 30.5% in the 1st quarter. Principal Financial Group Inc. now owns 4,926,423 shares of the financial services provider’s stock valued at $353,668,000 after buying an additional 1,152,181 shares during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Down 2.7%

WFC stock opened at $77.74 on Friday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84. The company has a market capitalization of $249.04 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 1.25 and a beta of 1.25. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $86.65. The stock has a fifty day moving average of $80.63 and a 200-day moving average of $76.53.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, topping the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The business had revenue of $20.82 billion during the quarter, compared to the consensus estimate of $20.83 billion. During the same quarter last year, the company earned $1.33 EPS. The firm’s revenue was up .6% compared to the same quarter last year. As a group, equities research analysts predict that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 8th were paid a $0.45 dividend. The ex-dividend date was Friday, August 8th. This represents a $1.80 annualized dividend and a yield of 2.3%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s dividend payout ratio is 30.82%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on WFC shares. Phillip Securities lowered Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, July 17th. Evercore ISI raised their target price on Wells Fargo & Company from $94.00 to $98.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Piper Sandler reaffirmed an “overweight” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. UBS Group decreased their target price on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, October 7th. Finally, Raymond James Financial lowered Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a research report on Monday, July 7th. Nine research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $85.41.

Wells Fargo & Company Company Profile

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.