Wellspring Financial Advisors LLC Invests $417,000 in Wells Fargo & Company $WFC

Wellspring Financial Advisors LLC bought a new stake in Wells Fargo & Company (NYSE:WFC) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 5,200 shares of the financial services provider’s stock, valued at approximately $417,000.

Several other hedge funds have also made changes to their positions in the business. Access Investment Management LLC acquired a new position in Wells Fargo & Company during the second quarter valued at approximately $25,000. McElhenny Sheffield Capital Management LLC purchased a new stake in shares of Wells Fargo & Company during the second quarter worth about $27,000. CBIZ Investment Advisory Services LLC raised its position in shares of Wells Fargo & Company by 585.5% in the 1st 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 in the last quarter. Accent Capital Management LLC acquired a new stake in Wells Fargo & Company in the first quarter valued at $29,000. Finally, Nova Wealth Management Inc. lifted its position in shares of 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 purchasing an additional 227 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Trading Down 0.6%

NYSE:WFC opened at $85.31 on Tuesday. The company has a market capitalization of $267.80 billion, a P/E ratio of 14.03, a P/E/G ratio of 1.18 and a beta of 1.11. The stock’s 50 day moving average price is $84.27 and its 200 day moving average price is $80.79. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.84 and a current ratio of 0.84. Wells Fargo & Company has a 52 week low of $58.42 and a 52 week high of $88.64.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.18. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The business had revenue of $21.44 billion during the quarter, compared to analyst estimates of $21.11 billion. During the same quarter in the previous year, the business earned $1.42 EPS. Wells Fargo & Company’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 7th were given a $0.45 dividend. The ex-dividend date of this dividend was Friday, November 7th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.61%.

Analyst Ratings Changes

A number of research firms have commented on WFC. Cowen reaffirmed a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, October 15th. Morgan Stanley boosted their price target on Wells Fargo & Company from $95.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 15th. Keefe, Bruyette & Woods increased their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “market perform” rating in a report on Wednesday, October 15th. Weiss Ratings raised Wells Fargo & Company from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, October 8th. Finally, Bank of America upped their target price on Wells Fargo & Company from $92.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Eleven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $89.57.

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.