MidFirst Bank Makes New Investment in Wells Fargo & Company $WFC

MidFirst Bank purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 10,664 shares of the financial services provider’s stock, valued at approximately $994,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC lifted its stake in shares of Wells Fargo & Company by 62.3% during the fourth quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock worth $4,652,000 after buying an additional 25,436 shares during the period. Jump Financial LLC increased its position in shares of Wells Fargo & Company by 12.9% in the 2nd quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider’s stock valued at $1,835,000 after acquiring an additional 2,615 shares during the period. Main Street Financial Solutions LLC increased its position in shares of Wells Fargo & Company by 111.0% in the 2nd quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider’s stock valued at $1,122,000 after acquiring an additional 7,368 shares during the period. Vivaldi Capital Management LP raised its stake in Wells Fargo & Company by 5.4% in the 2nd quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider’s stock worth $259,000 after acquiring an additional 165 shares during the last quarter. Finally, Diversify Advisory Services LLC raised its stake in Wells Fargo & Company by 51.2% in the 2nd quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider’s stock worth $2,044,000 after acquiring an additional 8,714 shares during the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Stock Up 0.1%

Wells Fargo & Company stock opened at $82.31 on Friday. The firm has a market cap of $251.89 billion, a price-to-earnings ratio of 12.70, a price-to-earnings-growth ratio of 0.96 and a beta of 0.93. Wells Fargo & Company has a 52 week low of $72.78 and a 52 week high of $97.76. The business’s 50-day moving average price is $79.70 and its 200 day moving average price is $84.59. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.12.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.60 EPS for the quarter, topping the consensus estimate of $1.58 by $0.02. The business had revenue of $11.62 billion for the quarter, compared to analyst estimates of $21.85 billion. Wells Fargo & Company had a return on equity of 13.27% and a net margin of 17.26%.The business’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.39 EPS. As a group, sell-side analysts anticipate that Wells Fargo & Company will post 6.86 earnings per share for the current year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, May 8th. Wells Fargo & Company’s payout ratio is currently 27.78%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Jefferies Financial Group assumed coverage on Wells Fargo & Company in a research note on Thursday, March 26th. They set a “buy” rating and a $100.00 price target on the stock. Evercore reiterated an “outperform” rating on shares of Wells Fargo & Company in a research report on Friday, March 6th. Barclays reduced their price target on shares of Wells Fargo & Company from $113.00 to $108.00 and set an “overweight” rating for the company in a research report on Wednesday, April 15th. Truist Financial decreased their price objective on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “buy” rating for the company in a research note on Tuesday, March 17th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Wells Fargo & Company from $101.00 to $98.00 and set a “market perform” rating on the stock in a report on Wednesday, April 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, Wells Fargo & Company presently has an average rating of “Moderate Buy” and an average price target of $98.24.

Wells Fargo & Company Profile

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.