Riverbend Wealth Management LLC Takes Position in Wells Fargo & Company $WFC

Riverbend Wealth Management LLC purchased a new position in Wells Fargo & Company (NYSE:WFC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 3,584 shares of the financial services provider’s stock, valued at approximately $287,000.

Several other large investors have also recently made changes to their positions in the company. Accretive Wealth Partners LLC acquired a new stake in Wells Fargo & Company during the 1st quarter worth $399,000. Banco Bilbao Vizcaya Argentaria S.A. raised its position in shares of Wells Fargo & Company by 10.4% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 758,376 shares of the financial services provider’s stock valued at $54,471,000 after buying an additional 71,740 shares during the last quarter. Secured Retirement Advisors LLC purchased a new position in shares of Wells Fargo & Company in the first quarter worth about $408,000. RKL Wealth Management LLC boosted its position in Wells Fargo & Company by 166.4% during the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider’s stock worth $588,000 after acquiring an additional 5,113 shares during the last quarter. Finally, Three Bridge Wealth Advisors LLC acquired a new position in Wells Fargo & Company during the second quarter worth about $364,000. 75.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on WFC. TD Cowen increased their price objective on shares of Wells Fargo & Company from $90.00 to $93.00 and gave the company a “hold” rating in a report on Wednesday. Evercore ISI upped their price target 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. Dbs Bank upgraded Wells Fargo & Company from a “hold” rating to a “moderate buy” rating in a research report on Thursday, July 17th. UBS Group lowered their price objective on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday, October 7th. Finally, Keefe, Bruyette & Woods upped their target price on Wells Fargo & Company from $85.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday. Nine research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.57.

Wells Fargo & Company Stock Down 2.9%

WFC stock opened at $83.97 on Friday. Wells Fargo & Company has a one year low of $58.42 and a one year high of $87.47. The firm has a market cap of $268.99 billion, a PE ratio of 13.81, a PEG ratio of 1.39 and a beta of 1.25. The firm’s 50 day moving average price is $81.10 and its 200-day moving average price is $76.82. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.83 and a current ratio of 0.84.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The company had revenue of $20.82 billion during the quarter, compared to analysts’ expectations of $20.83 billion. During the same quarter last year, the firm earned $1.33 earnings per share. The firm’s quarterly revenue was up .6% compared to the same quarter last year. On average, equities research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

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

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.