Riverchase Wealth Management LLC Takes $2.48 Million Position in Wells Fargo & Company $WFC

Riverchase Wealth Management LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFC) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 29,603 shares of the financial services provider’s stock, valued at approximately $2,481,000. Wells Fargo & Company comprises approximately 1.4% of Riverchase Wealth Management LLC’s investment portfolio, making the stock its 12th largest holding.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Embree Financial Group increased its holdings in shares of Wells Fargo & Company by 3.9% in the 3rd quarter. Embree Financial Group now owns 3,330 shares of the financial services provider’s stock valued at $279,000 after acquiring an additional 126 shares during the last quarter. Trust Co. of Vermont boosted its holdings in Wells Fargo & Company by 1.1% in the third quarter. Trust Co. of Vermont now owns 12,098 shares of the financial services provider’s stock worth $1,014,000 after purchasing an additional 126 shares during the period. Traphagen Investment Advisors LLC increased its stake in Wells Fargo & Company by 2.0% during the third quarter. Traphagen Investment Advisors LLC now owns 6,346 shares of the financial services provider’s stock valued at $532,000 after purchasing an additional 127 shares during the last quarter. Wealth Management Partners LLC raised its holdings in shares of Wells Fargo & Company by 3.5% during the second quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider’s stock worth $313,000 after purchasing an additional 128 shares during the period. Finally, Verum Partners LLC raised its holdings in shares of Wells Fargo & Company by 1.8% during the second quarter. Verum Partners LLC now owns 7,265 shares of the financial services provider’s stock worth $582,000 after purchasing an additional 128 shares during the period. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analyst Ratings Changes

WFC has been the subject of several research reports. Cfra Research raised shares of Wells Fargo & Company to a “moderate buy” rating in a report on Wednesday, October 15th. Keefe, Bruyette & Woods raised their target price on shares of Wells Fargo & Company from $92.00 to $101.00 and gave the stock a “market perform” rating in a report on Wednesday, December 17th. Cowen reaffirmed a “hold” rating on shares of Wells Fargo & Company in a report on Wednesday, October 15th. Citigroup increased their price target on Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. Finally, Bank of America raised their price target on Wells Fargo & Company from $92.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Eleven equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Wells Fargo & Company presently has a consensus rating of “Moderate Buy” and an average price target of $93.39.

Wells Fargo & Company Price Performance

Shares of NYSE:WFC opened at $96.38 on Tuesday. The firm’s 50 day moving average is $89.01 and its two-hundred day moving average is $83.98. Wells Fargo & Company has a 52 week low of $58.42 and a 52 week high of $97.76. The firm has a market capitalization of $302.54 billion, a P/E ratio of 15.85, a PEG ratio of 0.87 and a beta of 1.09. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.18. Wells Fargo & Company had a return on equity of 12.51% and a net margin of 17.18%.The business had revenue of $21.44 billion during the quarter, compared to the consensus estimate of $21.11 billion. During the same period in the previous year, the firm posted $1.42 earnings per share. The business’s revenue was up 5.3% on a year-over-year basis. Analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 7th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, November 7th. Wells Fargo & Company’s payout ratio is 29.61%.

Wells Fargo & Company Profile

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.