Castlekeep Investment Advisors LLC Purchases Shares of 39,896 Wells Fargo & Company (NYSE:WFC)

Castlekeep Investment Advisors LLC acquired a new position in Wells Fargo & Company (NYSE:WFC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 39,896 shares of the financial services provider's stock, valued at approximately $2,802,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Empowered Funds LLC boosted its position in shares of Wells Fargo & Company by 19.1% during the 4th quarter. Empowered Funds LLC now owns 190,330 shares of the financial services provider's stock valued at $13,369,000 after purchasing an additional 30,510 shares in the last quarter. Valmark Advisers Inc. grew its position in shares of Wells Fargo & Company by 5.5% during the 4th quarter. Valmark Advisers Inc. now owns 8,300 shares of the financial services provider's stock worth $583,000 after buying an additional 431 shares during the period. NatWest Group plc increased its stake in shares of Wells Fargo & Company by 57.7% in the 4th quarter. NatWest Group plc now owns 172,484 shares of the financial services provider's stock valued at $12,115,000 after acquiring an additional 63,102 shares in the last quarter. Financiere des Professionnels Fonds d investissement inc. acquired a new position in shares of Wells Fargo & Company during the 4th quarter valued at $1,656,000. Finally, Modera Wealth Management LLC boosted its stake in Wells Fargo & Company by 14.1% during the fourth quarter. Modera Wealth Management LLC now owns 20,562 shares of the financial services provider's stock worth $1,444,000 after acquiring an additional 2,548 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on WFC. Truist Financial decreased their price target on shares of Wells Fargo & Company from $84.00 to $73.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Keefe, Bruyette & Woods upped their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the stock a "market perform" rating in a research note on Thursday, January 16th. Morgan Stanley raised their price objective on Wells Fargo & Company from $79.00 to $80.00 and gave the company an "overweight" rating in a research note on Monday, April 7th. JPMorgan Chase & Co. lowered their price objective on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Finally, Phillip Securities raised Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating 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 data from MarketBeat.com, Wells Fargo & Company currently has an average rating of "Moderate Buy" and a consensus target price of $75.34.

Wells Fargo & Company Price Performance

WFC opened at $73.80 on Tuesday. The firm has a 50-day moving average price of $69.31 and a 200-day moving average price of $71.99. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $240.16 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 1.18 and a beta of 1.13.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $20.15 billion during the quarter, compared to analyst estimates of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. Wells Fargo & Company's revenue was down 3.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.20 EPS. Equities analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company announced that its Board of Directors has authorized a stock 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 stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 9th will be paid a dividend of $0.40 per share. The ex-dividend date is Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.17%. Wells Fargo & Company's payout ratio is 28.73%.

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.

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