Edgestream Partners L.P. Makes New Investment in Wells Fargo & Company (NYSE:WFC)

Edgestream Partners L.P. purchased a new position in Wells Fargo & Company (NYSE:WFC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 4,578 shares of the financial services provider’s stock, valued at approximately $272,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Core Wealth Advisors Inc. acquired a new stake in Wells Fargo & Company in the 4th quarter worth about $25,000. Valued Wealth Advisors LLC raised its holdings in shares of Wells Fargo & Company by 53.7% in the 2nd quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 220 shares during the period. Transcendent Capital Group LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth about $32,000. Beaird Harris Wealth Management LLC purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth about $34,000. Finally, J.Safra Asset Management Corp raised its holdings in shares of Wells Fargo & Company by 704.3% in the 1st quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 648 shares during the period. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and cut their price objective for the stock from $62.00 to $59.00 in a report on Friday, August 16th. Keefe, Bruyette & Woods dropped their target price on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a report on Monday, July 15th. Deutsche Bank Aktiengesellschaft upgraded Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a report on Tuesday, September 3rd. BMO Capital Markets raised their target price on Wells Fargo & Company from $55.00 to $57.00 and gave the company a “market perform” rating in a report on Thursday, July 11th. Finally, The Goldman Sachs Group dropped their target price on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Twelve analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $60.29.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $55.10 on Tuesday. The firm has a market cap of $192.10 billion, a PE ratio of 11.31, a price-to-earnings-growth ratio of 1.27 and a beta of 1.16. The business has a 50 day moving average price of $56.13 and a two-hundred day moving average price of $57.88. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. Wells Fargo & Company has a fifty-two week low of $38.38 and a fifty-two week high of $62.55.

Wells Fargo & Company (NYSE:WFC) last issued its earnings results on Friday, July 12th. The financial services provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.29 by $0.04. The company had revenue of $20.69 billion during the quarter, compared to analyst estimates of $20.29 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The business’s revenue was up .8% on a year-over-year basis. During the same quarter last year, the firm earned $1.25 EPS. Sell-side analysts expect that Wells Fargo & Company will post 5.14 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 Sunday, September 1st. Stockholders of record on Friday, August 9th were given a $0.40 dividend. This is a positive change from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date was Friday, August 9th. This represents a $1.60 annualized dividend and a dividend yield of 2.90%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 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.