Black Diamond Financial LLC Invests $229,000 in Wells Fargo & Company (NYSE:WFC)

Black Diamond Financial LLC acquired a new stake in Wells Fargo & Company (NYSE:WFC) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 3,855 shares of the financial services provider’s stock, valued at approximately $229,000.

Several other hedge funds have also added to or reduced their stakes in the business. Core Wealth Advisors Inc. acquired a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $25,000. Transcendent Capital Group LLC acquired a new stake in Wells Fargo & Company during the 4th quarter worth approximately $32,000. Beaird Harris Wealth Management LLC bought a new position in Wells Fargo & Company in the fourth quarter valued at approximately $34,000. Valued Wealth Advisors LLC boosted its holdings in shares of Wells Fargo & Company by 53.7% in the second quarter. Valued Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $37,000 after buying an additional 220 shares during the period. Finally, J.Safra Asset Management Corp increased its position in shares of Wells Fargo & Company by 704.3% during the first quarter. J.Safra Asset Management Corp now owns 740 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 648 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Analyst Upgrades and Downgrades

WFC has been the subject of a number of research analyst reports. Evercore ISI reduced their target price on shares of Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating for the company in a research note on Friday, September 6th. BMO Capital Markets upped their price objective on Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research report on Thursday, July 11th. 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 research report on Monday, July 15th. Jefferies Financial Group downgraded Wells Fargo & Company to a “hold” rating and reduced their price target for the stock from $62.00 to $59.00 in a research report on Friday, August 16th. Finally, Morgan Stanley lifted their price objective on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Twelve research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $60.29.

Wells Fargo & Company Price Performance

Shares of NYSE WFC opened at $52.78 on Monday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.11. The business’s 50 day moving average price is $56.60 and its two-hundred day moving average price is $57.93. The company has a market cap of $184.01 billion, a PE ratio of 10.84, a price-to-earnings-growth ratio of 1.27 and a beta of 1.16. Wells Fargo & Company has a twelve month low of $38.38 and a twelve month high of $62.55.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.29 by $0.04. The firm had revenue of $20.69 billion for the quarter, compared to the consensus estimate of $20.29 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. During the same period in the previous year, the company earned $1.25 earnings per share. The company’s quarterly revenue was up .8% on a year-over-year basis. On average, analysts predict that Wells Fargo & Company will post 5.14 EPS for the current 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 an increase 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 3.03%. Wells Fargo & Company’s dividend payout ratio is presently 32.85%.

About Wells Fargo & Company

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.