Twinbeech Capital LP Takes $2.69 Million Position in Wells Fargo & Company (NYSE:WFC)

Twinbeech Capital LP purchased a new position in shares of Wells Fargo & Company (NYSE:WFC - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 38,333 shares of the financial services provider's stock, valued at approximately $2,693,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rialto Wealth Management LLC bought a new position in shares of Wells Fargo & Company in the fourth quarter valued at about $26,000. Investment Counsel Co. of Nevada bought a new stake in shares of Wells Fargo & Company during the fourth quarter valued at approximately $28,000. BNP Paribas bought a new stake in shares of Wells Fargo & Company during the fourth quarter worth $28,000. Rakuten Securities Inc. lifted its stake in shares of Wells Fargo & Company by 126.7% during the fourth quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 237 shares during the period. Finally, McClarren Financial Advisors Inc. acquired a new stake in Wells Fargo & Company in the fourth quarter worth about $30,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

WFC stock traded down $0.53 during trading hours on Monday, reaching $72.86. The stock had a trading volume of 9,260,180 shares, compared to its average volume of 17,491,052. The stock has a 50-day simple moving average of $70.01 and a 200 day simple moving average of $72.84. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $81.50. The stock has a market capitalization of $237.09 billion, a PE ratio of 13.54, a price-to-earnings-growth ratio of 1.18 and a beta of 1.13. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, topping 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 business had revenue of $20.15 billion during the quarter, compared to analysts' expectations of $20.82 billion. During the same quarter last year, the company posted $1.20 earnings per share. Wells Fargo & Company's quarterly revenue was down 3.4% on a year-over-year basis. Analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company declared that its board has authorized a share repurchase program on Tuesday, April 29th that allows the company to buyback $40.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

Wells Fargo & Company Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Friday, May 9th will be given a $0.40 dividend. The ex-dividend date is Friday, May 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.20%. Wells Fargo & Company's payout ratio is 28.73%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. TD Cowen initiated coverage on shares of Wells Fargo & Company in a research note on Thursday, May 15th. They set a "hold" rating and a $83.00 price target for the company. Piper Sandler cut their price target on shares of Wells Fargo & Company from $77.00 to $75.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th. Royal Bank of Canada raised shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 target price for the company in a research note on Thursday, March 13th. Phillip Securities upgraded shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, April 14th. Finally, Barclays decreased their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Seven investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Wells Fargo & Company presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.73.

Wells Fargo & 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.