Texas Capital Bank Wealth Management Services Inc acquired a new stake in shares of Wells Fargo & Company (NYSE:WFC) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 10,704 shares of the financial services provider’s stock, valued at approximately $885,000.
Other large investors have also made changes to their positions in the company. Brighton Jones LLC raised its holdings 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 purchasing an additional 25,436 shares during the last quarter. Jump Financial LLC lifted its position in Wells Fargo & Company by 12.9% during the second quarter. Jump Financial LLC now owns 22,904 shares of the financial services provider’s stock valued at $1,835,000 after purchasing an additional 2,615 shares during the period. Main Street Financial Solutions LLC boosted its holdings in Wells Fargo & Company by 111.0% in the second quarter. Main Street Financial Solutions LLC now owns 14,008 shares of the financial services provider’s stock valued at $1,122,000 after purchasing an additional 7,368 shares during the last quarter. Vivaldi Capital Management LP boosted its holdings in Wells Fargo & Company by 5.4% in the second quarter. Vivaldi Capital Management LP now owns 3,229 shares of the financial services provider’s stock valued at $259,000 after purchasing an additional 165 shares during the last quarter. Finally, Diversify Advisory Services LLC grew its position in Wells Fargo & Company by 51.2% during the 2nd quarter. Diversify Advisory Services LLC now owns 25,718 shares of the financial services provider’s stock worth $2,044,000 after purchasing an additional 8,714 shares during the period. 75.90% of the stock is owned by hedge funds and other institutional investors.
Wells Fargo & Company Trading Up 0.2%
WFC stock opened at $83.83 on Friday. The company’s 50-day simple moving average is $86.08 and its 200-day simple moving average is $82.97. 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 52-week low of $72.78 and a 52-week high of $97.76. The firm has a market cap of $253.50 billion, a P/E ratio of 12.18, a PEG ratio of 0.91 and a beta of 0.92.
Wells Fargo & Company Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 7th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Friday, August 7th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 2.4%. Wells Fargo & Company’s dividend payout ratio is 29.07%.
Analyst Ratings Changes
Several brokerages have recently issued reports on WFC. Raymond James Financial reissued a “market perform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 14th. Phillip Securities raised Wells Fargo & Company from a “moderate buy” rating to a “strong-buy” rating in a report on Thursday, May 7th. Wall Street Zen upgraded Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Sunday, June 14th. Weiss Ratings reissued a “buy (b)” rating on shares of Wells Fargo & Company in a report on Friday, July 17th. Finally, JPMorgan Chase & Co. upped their price objective on Wells Fargo & Company from $93.50 to $95.50 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $98.61.
View Our Latest Stock Analysis on WFC
About Wells Fargo & Company
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.
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