Ibex Wealth Advisors Makes New $1.06 Million Investment in Wells Fargo & Company (NYSE:WFC)

Ibex Wealth Advisors bought a new position in Wells Fargo & Company (NYSE:WFC - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 14,747 shares of the financial services provider's stock, valued at approximately $1,059,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Spinnaker Trust raised its holdings in shares of Wells Fargo & Company by 1.8% during the fourth quarter. Spinnaker Trust now owns 7,407 shares of the financial services provider's stock valued at $520,000 after purchasing an additional 130 shares during the period. Shakespeare Wealth Management LLC increased its stake in shares of Wells Fargo & Company by 0.9% in the fourth quarter. Shakespeare Wealth Management LLC now owns 13,839 shares of the financial services provider's stock worth $972,000 after purchasing an additional 130 shares in the last quarter. MONECO Advisors LLC raised its stake in shares of Wells Fargo & Company by 1.9% during the 4th quarter. MONECO Advisors LLC now owns 7,018 shares of the financial services provider's stock valued at $493,000 after purchasing an additional 134 shares during the period. Safeguard Investment Advisory Group LLC grew its position in shares of Wells Fargo & Company by 2.4% during the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,839 shares of the financial services provider's stock valued at $410,000 after purchasing an additional 137 shares in the last quarter. Finally, Crown Wealth Group LLC increased its holdings in shares of Wells Fargo & Company by 2.2% in the 4th quarter. Crown Wealth Group LLC now owns 6,648 shares of the financial services provider's stock worth $467,000 after buying an additional 140 shares during the last quarter. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Down 0.7%

Shares of NYSE WFC traded down $0.50 during trading on Wednesday, reaching $74.95. The company had a trading volume of 16,439,027 shares, compared to its average volume of 17,483,905. Wells Fargo & Company has a 12-month low of $50.15 and a 12-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 business's 50-day moving average is $70.70 and its 200 day moving average is $72.97. The stock has a market cap of $243.90 billion, a PE ratio of 13.93, a P/E/G ratio of 1.18 and a beta of 1.16.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.23 by $0.16. The company had revenue of $20.15 billion for the quarter, compared to the consensus estimate 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 for the quarter was down 3.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.20 EPS. As a group, equities analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Friday, May 9th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.13%. Wells Fargo & Company's payout ratio is currently 28.73%.

Wells Fargo & Company announced that its board has approved a share repurchase plan on Tuesday, April 29th that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 17.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on WFC shares. Evercore ISI lifted their target price on shares of Wells Fargo & Company from $72.00 to $88.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Raymond James dropped their price objective on 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. Piper Sandler reiterated an "overweight" rating and set a $85.00 price target (up from $75.00) on shares of Wells Fargo & Company in a report on Wednesday, June 4th. JPMorgan Chase & Co. dropped their target price on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Finally, Bank of America boosted their target price on Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Wells Fargo & Company currently has an average rating of "Moderate Buy" and a consensus price target of $77.68.

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.