Alteri Wealth LLC Makes New $519,000 Investment in Wells Fargo & Company (NYSE:WFC)

Alteri Wealth LLC purchased a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 7,386 shares of the financial services provider's stock, valued at approximately $519,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Wells Fargo & Company during the fourth quarter valued at about $3,365,658,000. Capital Research Global Investors lifted its position in shares of Wells Fargo & Company by 932.0% during the 4th quarter. Capital Research Global Investors now owns 15,734,874 shares of the financial services provider's stock worth $1,105,218,000 after buying an additional 14,210,193 shares in the last quarter. Northern Trust Corp boosted its position in Wells Fargo & Company by 10.7% in the fourth quarter. Northern Trust Corp now owns 34,339,295 shares of the financial services provider's stock worth $2,411,992,000 after purchasing an additional 3,307,855 shares during the last quarter. Artisan Partners Limited Partnership purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth about $117,026,000. Finally, North Reef Capital Management LP grew its position in Wells Fargo & Company by 144.3% during the fourth quarter. North Reef Capital Management LP now owns 2,125,000 shares of the financial services provider's stock valued at $149,260,000 after buying an additional 1,255,000 shares during the period. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

NYSE WFC traded down $0.34 during trading hours on Wednesday, reaching $73.14. 14,308,889 shares of the stock traded hands, compared to its average volume of 17,539,646. Wells Fargo & Company has a 1 year low of $50.15 and a 1 year high of $81.50. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a 50 day simple moving average of $69.25 and a two-hundred day simple moving average of $72.00. The company has a market cap of $238.00 billion, a price-to-earnings ratio of 13.59, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The company had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. During the same quarter in the previous year, the company posted $1.20 EPS. Wells Fargo & Company's revenue for the quarter was down 3.4% on a year-over-year basis. On average, analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company declared that its Board of Directors has initiated a share buyback plan on Tuesday, April 29th that authorizes the company to buyback $40.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 17.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Wells Fargo & Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 9th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.19%. Wells Fargo & Company's dividend payout ratio is presently 28.73%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Phillip Securities upgraded Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, April 14th. Truist Financial dropped their price target on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Raymond James reduced their price objective on shares of Wells Fargo & Company from $88.00 to $78.00 and set a "strong-buy" rating for the company in a research note on Monday, April 14th. Royal Bank of Canada upgraded Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 target price on the stock in a research report on Thursday, March 13th. Finally, Barclays reduced their price target on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Six analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.34.

Wells Fargo & Company Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.