New Wave Wealth Advisors LLC Purchases New Shares in Wells Fargo & Company (NYSE:WFC)

New Wave Wealth Advisors LLC acquired a new position in Wells Fargo & Company (NYSE:WFC) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 6,975 shares of the financial services provider’s stock, valued at approximately $414,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Capital World Investors lifted its stake in shares of Wells Fargo & Company by 1.0% in the fourth quarter. Capital World Investors now owns 26,319,775 shares of the financial services provider’s stock worth $1,295,459,000 after acquiring an additional 263,176 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Wells Fargo & Company by 4.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 19,848,290 shares of the financial services provider’s stock worth $1,178,591,000 after purchasing an additional 831,975 shares during the last quarter. 1832 Asset Management L.P. increased its holdings in Wells Fargo & Company by 67.1% during the 1st quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock worth $339,226,000 after purchasing an additional 2,349,595 shares during the last quarter. First Pacific Advisors LP raised its position in shares of Wells Fargo & Company by 2.1% in the 2nd quarter. First Pacific Advisors LP now owns 5,278,666 shares of the financial services provider’s stock valued at $313,500,000 after purchasing an additional 108,480 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Wells Fargo & Company by 38.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,131,320 shares of the financial services provider’s stock valued at $297,411,000 after buying an additional 1,415,647 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 1.0 %

Shares of Wells Fargo & Company stock opened at $56.47 on Tuesday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85. Wells Fargo & Company has a 1-year low of $38.38 and a 1-year high of $62.55. The business’s fifty day moving average price is $55.69 and its two-hundred day moving average price is $57.81. The company has a market capitalization of $196.87 billion, a P/E ratio of 11.60, a PEG ratio of 1.32 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.04. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The business had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $20.29 billion. During the same quarter in the prior year, the company posted $1.25 earnings per share. The company’s quarterly revenue was up .8% compared to the same quarter last year. As a group, research analysts forecast that Wells Fargo & Company will post 5.14 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Friday, August 9th were issued a dividend of $0.40 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date was Friday, August 9th. This represents a $1.60 annualized dividend and a yield of 2.83%. Wells Fargo & Company’s payout ratio is presently 32.85%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research note on Tuesday, September 3rd. The Goldman Sachs Group dropped their target price on shares of Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Jefferies Financial Group cut shares of Wells Fargo & Company to a “hold” rating and reduced their price target for the stock from $62.00 to $59.00 in a research report on Friday, August 16th. Morgan Stanley decreased their price target on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Evercore ISI cut their price objective on Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating on the stock in a research note on Friday, September 6th. Twelve equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $60.24.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.