Elevation Point Wealth Partners LLC Purchases Shares of 109,477 Wells Fargo & Company $WFC

Elevation Point Wealth Partners LLC purchased a new position in Wells Fargo & Company (NYSE:WFC) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 109,477 shares of the financial services provider’s stock, valued at approximately $9,047,000.

Several other institutional investors have also recently made changes to their positions in the stock. Godfrey Financial Associates Inc. bought a new position in shares of Wells Fargo & Company during the 4th quarter valued at approximately $25,000. Miller Capital Partners Inc. purchased a new stake in Wells Fargo & Company in the 4th quarter worth approximately $25,000. Navalign LLC bought a new stake in Wells Fargo & Company during the 4th quarter worth approximately $26,000. Joseph Group Capital Management bought a new stake in Wells Fargo & Company during the 4th quarter worth approximately $28,000. Finally, Phillip James Consulting Co. bought a new stake in Wells Fargo & Company during the 1st quarter worth approximately $28,000. Institutional investors own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on WFC. Raymond James Financial reiterated a “market perform” rating on shares of Wells Fargo & Company in a research report on Tuesday, July 14th. Phillip Securities upgraded shares of Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Robert W. Baird lifted their target price on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Truist Financial upped their target price on shares of Wells Fargo & Company from $90.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, June 26th. Finally, UBS Group cut their price target on Wells Fargo & Company from $105.00 to $104.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. Two 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’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $98.61.

Wells Fargo & Company Trading Up 0.1%

Shares of WFC opened at $84.82 on Wednesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.90 and a quick ratio of 0.90. Wells Fargo & Company has a 1 year low of $72.78 and a 1 year high of $97.76. The company has a 50 day simple moving average of $86.11 and a two-hundred day simple moving average of $82.79. The firm has a market cap of $256.51 billion, a P/E ratio of 12.33, a price-to-earnings-growth ratio of 0.92 and a beta of 0.92.

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

Wells Fargo & Company Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.4%. The ex-dividend date is Friday, August 7th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. Wells Fargo & Company’s dividend payout ratio is presently 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.