Acorn Creek Capital LLC Invests $218,000 in Wells Fargo & Company $WFC

Acorn Creek Capital LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,715 shares of the financial services provider’s stock, valued at approximately $218,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in Wells Fargo & Company by 2,735,254.3% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock valued at $76,095,550,000 after acquiring an additional 949,735,001 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Wells Fargo & Company by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 20,497,429 shares of the financial services provider’s stock valued at $1,471,259,000 after acquiring an additional 128,207 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Wells Fargo & Company by 277.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 10,740,934 shares of the financial services provider’s stock valued at $771,092,000 after acquiring an additional 7,894,919 shares during the last quarter. Boston Partners boosted its holdings in Wells Fargo & Company by 6.2% in the first quarter. Boston Partners now owns 8,953,009 shares of the financial services provider’s stock valued at $640,616,000 after acquiring an additional 523,107 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Wells Fargo & Company by 10.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 6,009,440 shares of the financial services provider’s stock valued at $431,418,000 after acquiring an additional 544,473 shares during the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Price Performance

Shares of WFC opened at $77.74 on Friday. Wells Fargo & Company has a 12-month low of $58.42 and a 12-month high of $86.65. The business’s fifty day moving average is $80.63 and its 200 day moving average is $76.53. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The stock has a market cap of $249.04 billion, a P/E ratio of 13.31, a P/E/G ratio of 1.25 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company had revenue of $20.82 billion for the quarter, compared to analysts’ expectations of $20.83 billion. During the same period last year, the business earned $1.33 EPS. Wells Fargo & Company’s quarterly revenue was up .6% compared to the same quarter last year. Sell-side analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were issued a $0.45 dividend. The ex-dividend date was Friday, August 8th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.3%. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. Wells Fargo & Company’s dividend payout ratio (DPR) is 30.82%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Raymond James Financial cut Wells Fargo & Company from a “strong-buy” rating to a “market perform” rating in a report on Monday, July 7th. Cowen restated a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, July 16th. Truist Financial increased their price target on Wells Fargo & Company from $86.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, September 24th. Phillip Securities cut Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a report on Thursday, July 17th. Finally, Piper Sandler restated an “overweight” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Nine equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $85.41.

Wells Fargo & Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.