Beacon Pointe Advisors LLC Purchases 5,598 Shares of Wells Fargo & Company $WFC

Beacon Pointe Advisors LLC boosted its position in shares of Wells Fargo & Company (NYSE:WFC) by 1.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 404,731 shares of the financial services provider’s stock after purchasing an additional 5,598 shares during the quarter. Beacon Pointe Advisors LLC’s holdings in Wells Fargo & Company were worth $32,427,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Access Investment Management LLC purchased a new stake in shares of Wells Fargo & Company during the second quarter valued at approximately $25,000. McElhenny Sheffield Capital Management LLC bought a new position in Wells Fargo & Company in the 2nd quarter valued at approximately $27,000. CBIZ Investment Advisory Services LLC boosted its stake in Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 322 shares during the last quarter. Accent Capital Management LLC bought a new stake in shares of Wells Fargo & Company in the 1st quarter worth $29,000. Finally, Nova Wealth Management Inc. increased its holdings in shares of Wells Fargo & Company by 112.9% in the 2nd quarter. Nova Wealth Management Inc. now owns 428 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 227 shares in the last quarter. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on WFC. Citigroup upped their price target on Wells Fargo & Company from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday, September 23rd. Bank of America upped their target price on shares of Wells Fargo & Company from $92.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. TD Cowen raised their price target on shares of Wells Fargo & Company from $90.00 to $93.00 and gave the company a “hold” rating in a report on Wednesday, October 15th. Barclays boosted their price objective on shares of Wells Fargo & Company from $87.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Wells Fargo & Company from $85.00 to $92.00 and gave the company a “market perform” rating in a research report on Wednesday, October 15th. Eleven research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $89.57.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $85.31 on Tuesday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $267.80 billion, a PE ratio of 14.03, a price-to-earnings-growth ratio of 1.18 and a beta of 1.22. The firm’s 50 day moving average price is $84.27 and its 200-day moving average price is $80.79. Wells Fargo & Company has a twelve month low of $58.42 and a twelve month high of $88.64.

Wells Fargo & Company (NYSE:WFC) last announced its earnings results on Tuesday, October 14th. The financial services provider reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.55 by $0.18. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The business had revenue of $21.44 billion during the quarter, compared to analysts’ expectations of $21.11 billion. During the same period in the prior year, the company earned $1.42 earnings per share. The firm’s revenue was up 5.3% on a year-over-year basis. Equities research analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 7th were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Friday, November 7th. Wells Fargo & Company’s dividend payout ratio is 29.61%.

About Wells Fargo & Company

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.