Thoroughbred Financial Services LLC Acquires 20,698 Shares of Wells Fargo & Company (NYSE:WFC)

Thoroughbred Financial Services LLC lifted its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 77.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,336 shares of the financial services provider's stock after acquiring an additional 20,698 shares during the quarter. Thoroughbred Financial Services LLC's holdings in Wells Fargo & Company were worth $2,811,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of WFC. John W. Brooker & Co. CPAs boosted its position in shares of Wells Fargo & Company by 2.5% in the 2nd quarter. John W. Brooker & Co. CPAs now owns 7,075 shares of the financial services provider's stock valued at $420,000 after purchasing an additional 171 shares during the period. McAdam LLC increased its position in shares of Wells Fargo & Company by 3.3% in the second quarter. McAdam LLC now owns 5,609 shares of the financial services provider's stock worth $333,000 after acquiring an additional 178 shares in the last quarter. Prentice Wealth Management LLC increased its position in shares of Wells Fargo & Company by 2.0% in the second quarter. Prentice Wealth Management LLC now owns 9,426 shares of the financial services provider's stock worth $560,000 after acquiring an additional 184 shares in the last quarter. Clearstead Trust LLC raised its holdings in shares of Wells Fargo & Company by 13.0% during the first quarter. Clearstead Trust LLC now owns 1,617 shares of the financial services provider's stock valued at $94,000 after acquiring an additional 186 shares during the period. Finally, Fortitude Family Office LLC lifted its position in shares of Wells Fargo & Company by 3.4% in the 2nd quarter. Fortitude Family Office LLC now owns 5,897 shares of the financial services provider's stock valued at $350,000 after acquiring an additional 193 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

WFC has been the topic of several research analyst reports. Keefe, Bruyette & Woods lowered their price objective on shares of 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 lowered Wells Fargo & Company to a "hold" rating and dropped their price target for the company from $62.00 to $59.00 in a research report on Friday, August 16th. BMO Capital Markets raised 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. Morgan Stanley lifted their target price on Wells Fargo & Company from $64.00 to $68.00 and gave the company an "overweight" rating in a research note on Tuesday, July 30th. Finally, The Goldman Sachs Group reduced their price target on shares of Wells Fargo & Company from $68.00 to $65.00 and set a "buy" rating for the company in a research report on Wednesday. Twelve equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $60.29.

Wells Fargo & Company Stock Up 2.3 %

Shares of NYSE WFC traded up $1.21 during mid-day trading on Friday, reaching $52.78. 24,762,027 shares of the company traded hands, compared to its average volume of 18,010,568. The company's fifty day moving average is $56.60 and its two-hundred day moving average is $57.91. Wells Fargo & Company has a fifty-two week low of $38.38 and a fifty-two week high of $62.55. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a market cap of $179.65 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 (NYSE:WFC - Get Free Report) last released its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 EPS for the quarter, beating analysts' consensus estimates of $1.29 by $0.04. The company had revenue of $20.69 billion for the quarter, compared to analyst estimates of $20.29 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. The company's quarterly revenue was up .8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.25 earnings per share. On average, analysts expect that Wells Fargo & Company will post 5.14 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were given a dividend of $0.40 per share. 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 dividend on an annualized basis and a yield of 3.03%. Wells Fargo & Company's payout ratio is currently 32.85%.

Wells Fargo & 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.