Mystic Asset Management Inc. Buys Shares of 28,163 Wells Fargo & Company $WFC

Mystic Asset Management Inc. purchased a new position in Wells Fargo & Company (NYSE:WFC) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 28,163 shares of the financial services provider’s stock, valued at approximately $2,327,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Godfrey Financial Associates Inc. bought a new stake in shares of Wells Fargo & Company during the 4th quarter worth $25,000. Miller Capital Partners Inc. bought a new position in Wells Fargo & Company in the fourth quarter valued at $25,000. Navalign LLC bought a new position in Wells Fargo & Company in the fourth quarter valued at $26,000. Joseph Group Capital Management purchased a new stake in Wells Fargo & Company during the fourth quarter valued at about $28,000. Finally, Phillip James Consulting Co. purchased a new stake in Wells Fargo & Company during the first quarter valued at about $28,000. Institutional investors own 75.90% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Robert W. Baird lifted their price target on Wells Fargo & Company from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Weiss Ratings reissued a “buy (b)” rating on shares of Wells Fargo & Company in a report on Friday, July 17th. Bank of America raised their price objective on Wells Fargo & Company from $95.00 to $102.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Morgan Stanley boosted their target price on Wells Fargo & Company from $97.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Wells Fargo & Company from $98.00 to $94.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $98.61.

Wells Fargo & Company Stock Performance

Wells Fargo & Company stock opened at $84.70 on Tuesday. The firm has a fifty day simple moving average of $86.11 and a two-hundred day simple moving average of $82.85. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.09. Wells Fargo & Company has a twelve month low of $72.78 and a twelve month high of $97.76. The company has a market capitalization of $256.13 billion, a PE ratio of 12.31, a P/E/G ratio of 0.91 and a beta of 0.92.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.23. The firm had revenue of $22.62 billion for the quarter, compared to analysts’ expectations of $21.86 billion. Wells Fargo & Company had a return on equity of 13.85% and a net margin of 17.55%.The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the firm earned $1.60 earnings per share. Research analysts expect that Wells Fargo & Company will post 7.26 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 7th will be issued a dividend of $0.50 per share. The ex-dividend date is Friday, August 7th. This represents a $2.00 annualized dividend and a yield of 2.4%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 29.07%.

Wells Fargo & Company 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.