Thoroughbred Financial Services LLC Acquires 20,698 Shares of Wells Fargo & Company (NYSE:WFC)

Thoroughbred Financial Services LLC grew its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 77.7% in the second quarter, Holdings Channel reports. The institutional investor owned 47,336 shares of the financial services provider’s stock after acquiring an additional 20,698 shares during the period. Thoroughbred Financial Services LLC’s holdings in Wells Fargo & Company were worth $2,811,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Core Wealth Advisors Inc. bought a new stake in Wells Fargo & Company during the 4th quarter worth approximately $25,000. Valued Wealth Advisors LLC grew its holdings in Wells Fargo & Company by 53.7% during the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $37,000 after buying an additional 220 shares in the last quarter. Transcendent Capital Group LLC bought a new stake in Wells Fargo & Company during the fourth quarter worth $32,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in Wells Fargo & Company in the 4th quarter valued at $34,000. Finally, Beaird Harris Wealth Management LLC bought a new position in Wells Fargo & Company during the 4th quarter valued at $34,000. 75.90% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on WFC. Deutsche Bank Aktiengesellschaft upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a report on Tuesday, September 3rd. Keefe, Bruyette & Woods decreased their price objective on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a research note on Monday, July 15th. BMO Capital Markets boosted their target price on Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research note on Thursday, July 11th. The Goldman Sachs Group decreased their price target on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday. 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 report on Friday, September 6th. Twelve analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Wells Fargo & Company has a consensus rating of “Hold” and an average target price of $60.29.

Wells Fargo & Company Trading Up 2.3 %

Shares of Wells Fargo & Company stock opened at $52.78 on Friday. The stock has a market capitalization of $179.65 billion, a P/E ratio of 10.84, a P/E/G ratio of 1.27 and a beta of 1.16. Wells Fargo & Company has a 52-week low of $38.38 and a 52-week high of $62.55. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. The stock’s 50-day simple moving average is $56.60 and its 200 day simple moving average is $57.89.

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

Wells Fargo & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.60 annualized dividend and a dividend yield of 3.03%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s dividend payout ratio is currently 32.85%.

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.