Meridian Wealth Partners LLC Buys 274 Shares of Wells Fargo & Company (NYSE:WFC)

Meridian Wealth Partners LLC increased its stake in shares of Wells Fargo & Company (NYSE:WFC) by 0.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 42,449 shares of the financial services provider’s stock after purchasing an additional 274 shares during the quarter. Wells Fargo & Company accounts for 0.4% of Meridian Wealth Partners LLC’s holdings, making the stock its 25th biggest holding. Meridian Wealth Partners LLC’s holdings in Wells Fargo & Company were worth $2,521,000 as of its most recent filing with the SEC.

Other large investors have also recently modified their holdings of the company. 1832 Asset Management L.P. grew its position in Wells Fargo & Company by 67.1% in the 1st quarter. 1832 Asset Management L.P. now owns 5,852,764 shares of the financial services provider’s stock valued at $339,226,000 after acquiring an additional 2,349,595 shares during the last quarter. Morningstar Investment Services LLC grew its position in Wells Fargo & Company by 103.7% in the 4th quarter. Morningstar Investment Services LLC now owns 3,833,570 shares of the financial services provider’s stock valued at $189,684,000 after acquiring an additional 1,951,477 shares during the last quarter. Rokos Capital Management LLP grew its position in Wells Fargo & Company by 141.6% in the 1st quarter. Rokos Capital Management LLP now owns 2,620,868 shares of the financial services provider’s stock valued at $151,853,000 after acquiring an additional 1,536,152 shares during the last quarter. Mn Services Vermogensbeheer B.V. bought a new position in Wells Fargo & Company in the 1st quarter valued at $84,819,000. Finally, Canada Pension Plan Investment Board grew its position in Wells Fargo & Company by 38.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 5,131,320 shares of the financial services provider’s stock valued at $297,411,000 after acquiring an additional 1,415,647 shares during the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Price Performance

Shares of WFC stock opened at $54.54 on Wednesday. Wells Fargo & Company has a 1-year low of $38.38 and a 1-year high of $62.55. The stock’s 50-day moving average is $56.39 and its 200 day moving average is $57.92. The company has a market cap of $190.14 billion, a P/E ratio of 11.20, a PEG ratio of 1.27 and a beta of 1.16. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Friday, July 12th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.04. The business had revenue of $20.69 billion during the quarter, compared to the consensus estimate of $20.29 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The company’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter last year, the company earned $1.25 earnings per share. Research analysts predict that Wells Fargo & Company will post 5.14 earnings per share for the current fiscal year.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Friday, August 9th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.93%. The ex-dividend date was Friday, August 9th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.35. Wells Fargo & Company’s dividend payout ratio (DPR) is currently 32.85%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Jefferies Financial Group cut Wells Fargo & Company to a “hold” rating and lowered their target price for the stock from $62.00 to $59.00 in a report on Friday, August 16th. The Goldman Sachs Group lowered their target price on Wells Fargo & Company from $68.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Keefe, Bruyette & Woods lowered their target price on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company 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 for the company in a report on Tuesday, September 3rd. Finally, Evercore ISI lowered their target price on Wells Fargo & Company from $67.00 to $65.00 and set an “outperform” rating for the company in a report on Friday, September 6th. 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $60.29.

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.